Friday, 22, November, 2024

Business

The production of Changan small trucks, a Chinese brand, will be launched at Namangan free economic zone, the Namangan province governor’s office said.

President Shavkat Mirziyoyev chaired a meeting on the implementation of the Banking System Reform Strategy for 2020–2025 and accelerating the transformation of banks, the presidential press service said.

IFC, a member of the World Bank Group, is providing a $12.5 million long-term loan to JSC Indorama Kokand Fertilizers and Chemicals to finance the modernization of its fertilizer plant in Uzbekistan, which will create jobs and benefit the country’s agriculture sector. The investments will help the company introduce energy-efficient technologies to boost production capacity of high quality phosphate fertilizers for local and regional farmers, improving crop yields and farmer incomes.

CIS Business Initiatives Week (BIW) will be held in Tashkent on September 9–13, the Tashkent mayor’s office said. The preparation plan for the event was approved by a government order.

Since February, Lukoil has reduced gas production in Uzbekistan by 40% of its design capacity due to low demand for gas in China due to coronavirus, the company said in a report for 2020 Q1.

The 5th round of negotiations on the terms of a preferential trade deal with Turkey was held at the Uzbekistan Ministry of Investments and Foreign Trade through video conferencing, the ministry said in a statement.

The purpose of the deal is reportedly to advance trade and economic ties by facilitating the two-way trade. The parties noted that it is an important and effective step to increase the bilateral trade up to $ 5 billion.

In particular, customs duties will not apply to certain goods, or will be significantly reduced.

The negotiations allowed us to comprehensively review the provisions of the draft agreement, as well as to study in detail the lists of Uzbek and Turkish goods, for which it is planned to apply the preferential trade regime, the statement added.

While, the Turkish side announced the readiness of the Ministry of Trade of Turkey to provide the necessary technical assistance for Uzbekistan's accession to the WTO, including in terms of advising on the application of anti-dumping, countervailing duties, protective measures, as well as mechanisms for subsidizing business entities in agriculture sector.

Uzbek exporters will be compensated air and road transportation costы, it follows from the decree of the President Shavkat Mirziyoyev.

The President Shavkat Mirziyoyev signed the Urgent Measures to Support Textile and Ready-Made Garment Industry Decree on Monday.

The World Bank today announced the 30-month debarment of Uzbekistan-based manufacturing company Mega-Mebiko JV LLC, in connection with fraud as part of the Syrdarya Water Supply Project in Uzbekistan.

The Uzbek-Slovak-Russian JV Chirana Asia for mechanical ventilators and anesthesia machines has been set up in Bektemir district and will launch manufacturing ventilators by the end of May, the Ministry of Innovation Development said.

Since Jan. 1, 2020, into the Tax Code has been inserted the provision on payment of VAT by foreign companies that provide e-services in Uzbekistan.

Retailers are allowed to trade strawberries in Tashkent city makhallas (neighborhoods) during lockdown, the mayor’s office said in a statement.

As of April 1, the exports value of Uzbek textile firms topped US$ 455.9 million, despite the coronavirus pandemic having a serious negative impact on the world trade.

The Ministry of Innovative Development plans to launch the production of mechanical ventilation devices (MVD) together with partners from Russia and Slovakia, the ministry said.

The Coca-Cola Company plans to invest US$ 31 million in 2020-2021to boost the JV in Uzbekistan in which it holds a stake, the Uzbekoziqovqatholding said in a statement.

Turkish Rönesans Holding will invest US$ 4.1 billion in Olmaliq Mining and Metallurgy Plant, as it was agreed during the meeting of the President Shavkat Mirziyoev with Turkish businessmen in Ankara on Thursday, the presidential press service said.

As reported earlier, the Uzbek President Shavkat Mirziyoev, as part of his trip to Turkey, met with the senior executives of Turkish business companies.

Tashkent’s Chorsu hotel was sold for 16.9 billion soums, or US$ 1.7 million to the UAE-based Ittihad International Investment LLC.

Uzbekistan will not review tax reliefs for foreign oil and gas companies provided under production sharing agreements (PSAs), the deputy chairman of the State Tax Committee, Fazliddin Umarov said.

On January 21, the Tashkent city mayor, Jahongir Ortiqhojaev hosted the regional representative of Alshaya Group, Nenji Menhotra.