Monday, 23, December, 2024

Economy

Uzbekistan’s shadow economy reaches 48% of GDP (245 trillion soums, or US$ 24 billion), the State Tax Committee (STC) said in a report.

With over 34 million citizens – the largest population in Central Asia, rich reserves of natural resources, and relatively well-developed infrastructure, Uzbekistan has the potential to become one of the strongest economies in the post-Soviet area.

On September 8, the Deputy PM Sardor Umurzakov, had a videoconference with the First Deputy PM/Minister of International Trade and Industry of Malaysia, Mohamed Azmin Ali.

The Ministry of Trade and Integration of Kazakhstan told details about the construction of the Kazakh-Uzbek analogue of the Khorgos International Center for Trade and Economic Cooperation (ICTEC), LS reported.

An Uzbek-Turkish technopark will be set up in the Olmazor district of Tashkent city, the Ministry of Innovative Development of Uzbekistan said.

The President Shavkat Mirziyoyev signed the Measures to organize construction of a new 1,500 MW capacity thermal power plant in Syrdarya province Decree.

Lockdown measures have led to a decline in economic activity and, as a result, to a decrease in revenues to the treasury. Such a conclusion can be drawn from the commentary on the budget revenues, published by the Ministry of Finance.

The Uzbekistan unemployment rate in June topped 13.2%, a 4.1 pp increase to the last year, the Ministry of Employment and Labor Relations reported.

During the visit of the Uzbek government delegation to Turkey on July 28, the Deputy Prime Minister/ Minister of Investment and Foreign Trade Sardor Umurzakov met with the Turkish Minister of Trade Ruhsar Pekcan, the Uzbek Ministry of Investment and Foreign Trade said.

The first Volkswagen dealership was inaugurated in Uzbekistan with sales of VW Caddy light commercial vehicle launched. The chairman of Uzavtosanoat, Shavkat Umurzakov in his inauguration remarks said that the project was born during the visit of the President of Uzbekistan to Germany in January 2019. After that, a cooperation agreement was signed between Uzavtosanoat and Volkswagen. He recalled that at the first stage of the project, it was decided to produce a seven-seater minivan Caddy.

On July 22, a video conference was held with the participation of officials of Uzbekistan, Afghanistan and Iran on boosting ties in the field of transport, implementation of promising projects, the Ministry of Transport of Uzbekistan said in a statement.

Online talks between the Deputy Prime Minister Sardor Umurzakov and the World Bank Vice President for Europe and Central Asia Anna Bjerde were held on July 23, the Ministry for Foreign Trade and Investments said.

The interagency commission collaborating with the World Trade Organization and the working group on Uzbekistan’s accession to the WTO held an online meeting Tuesday. 

Uzbekistan’s gold exports in six months of 2020 topped US$ 2.1 billion, the State Statistics Committee said in a report. During the reporting period, the share of gold in total exports reached 33.8%. Last year, the figure stood at 19.5%

The Uzbekistan international trade in six months of 2020 decreased by 18.2% to the last year, the State Statistics Committee said in a report.

On July 21, Deputy PM Sardor Umurzakov held talks with the Chinese Ambassador Jiang Yan via videoconference, during which the parties touched upon bilateral cooperation in countering the pandemic, as well as a number of investment, trade and transport related issues.

143,455 passenger cars were manufactured in Uzbekistan in January-June 2020, which is by 23,450 to the same period last year, the State Statistics Committee said in a report.

On July 20, President Shavkat Mirziyoyev signed the Additional measures to support individuals, restaurant, trade and services businesses to mitigate the negative impact of the coronavirus pandemic decree.

The American Honeywell UOP will provide technologies for the production of Euro-5 standard fuel to the Bukhara oil refinery, Uzbekneftegaz said in a statement.

President Shavkat Mirziyoyev signed the Measures for further efficient use of land resources and state-owned property decree, the Ministry of Justice said.