Thursday, 17, April, 2025

Economy

The Chinese Sino-Wind Energy unveiled plans to set up a wind turbine blade manufacturing plant in Uzbekistan. This was announced by the company's director Ma Yinhu.

The Central Bank’s governor Mamarizo Nurmuratov commented on the adding of two more Uzbek companies to the US sanctions list at a press conference on October 31.

The Central Bank’s governor Mamarizo Nurmuratov replied to a question about Uzbekistan's dependence on Russia in energy supplies at a press conference on October 31.

The Europe-Uzbekistan Association for Economic Cooperation (EUROUZ) is pleased to announce the European Economic Days 2024, set for November 6-7 at the Hilton Tashkent City. This flagship event will bring together senior-level stakeholders from Europe and Uzbekistan to foster partnerships, explore new business opportunities, and deepen economic collaboration.

The Ministry of Economy and Finance unveiled the proposed tax rates in the draft 2025-2027 Uzbekistan budget. Current rates of income tax (15%), personal income tax (12%), social tax (budget organizations - 25%, others - 12%), turnover tax rate - 4%, as well as fees for the transit of cars through the territory of the country and fees for the right to sell alcoholic beverages will remain the same in 2025.

From April 1, 2025, the excise tax in Uzbekistan may be extended to all non-alcoholic beverages containing sugar. This is envisaged in the draft Uzbekistan Budget for 2025-2027.

The Ministry of Economy and Finance posted for public input a draft Uzbekistan’s 2025 Budget and targets for 2026-2027. Next year, GDP is projected to grow by 6% (lower than last year's forecast) — up to 1.63 quadrillion soums, and in 2026-2027 — 6.1% and 6.3%, respectively. The growth rate of industry is expected to be at 6.1%, services — 14.5%, agriculture — 4.1%. These figures are expected to be achieved through "high-quality continuation of structural reforms in each area."

76 accords worth more than US$ 352 million were signed as part of the fourth Uzbekistan-Kazakhstan Interprovincial Cooperation Forum and the business forum in Samarkand, the press service of the Kazakh Prime Minister said.

In January-September, Uzbekistan's international trade was at $48.2 billion, which is by $3.45 billion, or 7.7%, more than in the same period of 2023, the Agency of Statistics said in a report.

In January-September, Uzbekistan imported gas for a record worth of $1.28 billion, the Statistics Agency said in its international trade report.

It is planned to bring Uzbekistan’s gross domestic product to $200 billion by 2030 and the GDP per capita at $5,000, which is above the initial forecasts, the First Deputy Economy Minister Ilkhom Norkulov announced after a meeting with the president on Thursday.

On October 15, at the government meeting in Almalyk, President of Uzbekistan Shavkat Mirziyoyev discussed the current development of the Tashkent province and future goals.

On October 14, an auction was held on E-auksion to sell the office building of the UzSanoatQurilishMateriallari Association in Tashkent.

Today, the president Shavkat Mirziyoyev inspected the development of the Yoshlik-1 deposit in Almalyk and the third copper processing plant being built on its base, the presidential press service said.

The Tax Committee has published the list of the top 10 state-owned enterprises and private companies that paid the most taxes in January-September 2024.

Uzbekistan’s official reserve assets as of October 1 reached US$ 41.14 billion (+5%), having increased by 1.98 billion in September, according to the Central Bank. This is another historic high for the entire period of statistics since 2013.

“Economic performance remains strong. Real GDP grew by 6.4 percent year-over-year (y/y) in the first half of 2024. Reflecting needed increases in administered energy prices in early May, headline CPI inflation rose from 8 percent y/y at end-April to about 10.5 percent in recent months.

Office of the company for the China-Kyrgyzstan-Uzbekistan railway project has opened in Bishkek, the press service of the Kyrgyz Cabinet of Ministers said.

For the first half of 2024, the net profit of the Navoi Mining and Metallurgical Plant reached $882 million, the company said in its unaudited IFRS report.

On September 13, the Cabinet of Ministers issued a resolution on measures to provide financial support to producers of raw cotton.