The Uzbek government last year spent $11.5 billion in providing loans and financial assistance to small businesses, President Shavkat Mirziyoyev reported. Mirziyoyev added that more than 104,000 enterprises in Uzbekistan affected by the coronavirus pandemic resumed operations, while the working capital of private enterprises increased by 33% YoY. The president harshly criticized regional and sector…
Uzbekistan has become the first CIS country to introduce mandatory labeling of beer. According to the State Tax Committee, on April 1, the production of labeled beer products was launched at the three largest beer factories, which occupied 76.9% of the market. The implementation of the system is expected to benefit everyone. Manufacturers are to…
According to the updated World Economic Outlook published by the International Monetary Fund (IMF) on April 6, Uzbekistan’s economy is expected to grow by 5% in 2021 and by 5.3% in 2022. Inflation as of the end of this year is set to comprise 10.3% and 11.2% in 2022, which is slightly higher than the…
Uzbekistan’s foreign trade turnover plummeted to $4.5 million in January-February, or by 23.8% YoY. The exports amounted to almost $1.5 million, down by 43.2%. Imports comprised $3.02 million. Uzbekistan’s largest trading partners were China ($908.5 million), Russia ($843.9 million), Kazakhstan ($585.6 million) and Turkey ($404 million). Trade turnover with the Eurasian Economic Union (EEU) soared…
Uzbekistan’s largest and one of the oldest state-owned banks, Uzpromstroybank (UzPSB) is set to go private until 2023. According to a government resolution adopted on March 29, the International Finance Corporation (IFC) is to open a $75-million credit line for this purpose. All or part of the loan is to be converted into additional ordinary…
Turkish Aksa Enerji is intending to build two 470 MW and $300 million worth of power plants in the Tashkent region of Uzbekistan, the Energy Ministry reports. The stations are expected to generate 3.9 billion kilowatt-hours of electricity per year. The power plants are set to be built on 7 hectares of land in the…
The Uzbek government is intending to decrease the number of SOE’s by 75% until 2025. According to a new strategy, unveiled by the Cabinet of Ministers on March 31, at least 20 companies are set to conduct IPO and SPO. The number of independent members on the supervisory boards of enterprises with state shares is…
Uzbekistan is to invest $2 million into the opening of the garment factory in Kyrgyzstan, Uztekstilprom association reports. The announcement is seen as a result of negotiations between business circles of the two states that took place as part of Kyrgyz president Sadyr Japarov’s state visit in Uzbekistan on March 11. The Director of Nil-Granit,…