Uzbekistan: measures to improve tax system approved

President Shavkat Mirziyoev signed a Decree “On measures for radical improvement of tax administration, increase tax collection and other obligatory payments”. The decree notes that the country has formed a tax system that provides for a consistent reduction of the tax burden and creates a favorable climate for business development and attracting foreign investment. However,…

Uzbekistan: banks entitled to carry out transactions on foreign exchange market at market exchange rate

The transactions on purchase and sale of foreign currency between the authorized banks and their clients were carried out at the average exchange rate fixed in interbank trading sessions held in Uzbekistan during the previous week. By its resolution the Uzbek government abolished this procedure. According to the decision of the country’s Cabinet of Ministers,…

Turkmenistan: Tashkent and Ashgabat mull issues of expanding cooperation

Central Asian states, Uzbekistan and Turkmenistan, which traditionally enjoy fruitful and successful cooperation, voiced commitment to deepen the ties. Uzbekistan’s President Shavkat Mirziyoyev and Deputy Chairman of the Cabinet of Ministers, Foreign Minister of Turkmenistan Rashid Meredov discussed the expansion of practical Uzbek-Turkmen cooperation. The sides discussed the expansion of cooperation between the countries, as…

Turkmenistan: Berdimuhamedov and Mirziyoyev satisfied with cooperation

Presidents of Uzbekistan and Turkmenistan, Shavkat Mirziyoyev and Gurbanguly Berdimuhamedov held a telephone conversation to review prospects to deepen the ties. Both sides noted with satisfaction the intensification of contacts at all levels, as well as actively implemented joint projects in trade and economic, transport-communication, energy, cultural and humanitarian and other spheres. A number of…

Uzbekistan: gas condensate imports from Turkmenistan up

Uzbekistan will increase the supply of gas condensate from Turkmenistan to load the Bukhara oil refinery, Turkmenneft state concern reported citing Uzbekneftegaz National Holding Company. A number of documents on cooperation in the economic and energy spheres, including an agreement between Uzbekneftegaz and Turkmennebit (Turkmenneft) were signed during the visit of Uzbekistan’s President Shavkat Mirziyoyev…

Uzbekistan and Turkey sign deals worth $2 billion

A set of documents and agreements was signed in Tashkent on May 25 following a meeting of the Uzbekistan-Turkey Intergovernmental Commission for Trade and Economic Cooperation and the Uzbekistan-Turkey business forum. The documents and agreements envisage the implementation of around 30 projects in pharmaceutics, textile industry, electro-technical, construction and banking sectors, worth more than $2…

Uzbekistan and Turkmenistan reach agreement on electricity transit

Uzbekistan’s state power company Uzbekenergo and Turkmenistan’s Ministry of Energy signed a memorandum envisioning cooperation in the transit of electricity from Turkmenistan to Kazakhstan and Kyrgyzstan through Uzbekistan’s power grid. The memorandum was signed during Uzbek president’s working visit to Turkmenistan. Under the terms of the memorandum, Turkmenistan will deliver electricity to Uzbekistan in exchange…

Uzbekistan: Peugeot Citroen to launch production of commercial vehicles

Peugeot Citroen and JSC Uzavtosanoat entered into agreement to establish a joint venture – Uzbekistan Peugeot Citroen Automotive. This partnership is aimed at building a production plant in Jizzakh SIZ. The plant will specialize in the production of full industrial cycle of light commercial vehicles under the brands “Peugeot” and “Citroen”, intended for transportation of…

Uzbekistan: free economic zones for pharma firms created

President Shavkat Mirziyoyev singed a decree to create the free economic zones Nukus-pharm, Zomin-pharm, Kosonsoy-pharm, Sirdaryo-pharm, Boysun-pharm, Bustonlik-pharm, and Parkent-pharm, in efforts to draw investment to the pharmaceutical industry, produce high-quality medicine, boost Karakalpakstan, Djizzak, Namangan, Sirdarya, Surkhandarya and Tashkent’s industrial capacities, and create new jobs. With pharmacy bearing much importance, Uzbekistan has always paid…

Uzbekistan: Chinese business to expand its presence

Chinese business delegation comprised of representatives of several major corporations visited Uzbekistan. They attended a business forum with participation of business circles of the two countries. The State Committee of Republic Uzbekistan for investments organised the event. Welcoming the participants, Deputy Prime Minister Ulugbek Rozukulov noted that the two countries had established a strategic partnership…

Tajikistan and Uzbekistan resume flights after 25 years

Tajikistan and Uzbekistan have reestablished regular connecting flights after a 25-year break, paving the way for improved relations, a spokeswoman at Tajikistan’s international airport said. “An Uzbekistan airways flight (from Tashkent) landed at Dushanbe international airport at 8:03 am (0303 GMT),” she said. According to her, “the plane and the passengers were very well met.”…

Uzbekistan: Uzbekneftegaz and KazMunayGas to cooperate

KazMunayGas and Uzbekneftegaz signed a cooperation agreement to jointly develop oil product marketing and logistics, set up crude oil supply to Uzbekistan, and ensure oil transit across Kazakhstan. Uzbekneftegaz also signed a memorandum of understanding with Kazakhstan’s energy ministry to cooperate in oil and gas industry. According to KazMunayGas, KazTransOil pipelines may be reconstructed and…

Uzbekistan: Uzbekipaksanoat silk association set up

Historically important, Uzbekistan’s silk sector has seen structural reforms since independence, attracting foreign investment, upgrading production techniques, and expanding production. Boasting good natural conditions, Uzbekistan has 80 million plants and 51,000 hectares of plantations, producing 26,000 tons of cocoons. The silk sector has been stunted in recent years by falling demand worldwide and outdated production…

Uzbekistan: Karakalpak and Khorezm entrepreneurs to get rebates

On March 17, President Shavkat Mirziyoyev signed the resolution ‘On additional favorable conditions for entrepreneurial activity in Karakalpakstan and Khorezm regions’. The resolution aims at boosting economy, supporting entrepreneurs, nudging exports, and implementing investment projects in the two regions. Legal entities registered and doing business in Karakalpakstan and Khorezm are exempt from compulsory sale of…

Uzbekistan: Competition committee and German Foreign Ministry discuss cooperation

The State Privatization, Demonopolization, and Competition Development Committee met with the representatives of Germany’s Foreign Ministry to discuss cooperation. The committee has closely worked together with German experts, including Finance Ministry, since 2009, pushing off the Memorandum of Understanding in Privatization and State Property Control. German support helped introduce the Corporate Governance Code in 2016,…