JUNE 15-30, 2023: Uzbekistan Market Report
EUROUZ.EU & Uzbek.Review present the bi-weekly report on key developments in Uzbekistan for June 15-30, 2023.
“One new job created in tourism will stimulate the creation of two more jobs in other sectors. Frankly speaking, even in those years when everyone was forcibly mobilized for cotton in the scorching heat and severe frost, the proceeds from the export of cotton fiber in Uzbekistan did not exceed USD 1 billion. Currently, tourism exports have exceeded this milestone. If we increase it by 3-4 times, then, put it simply, we may not need to plant cotton, to begin with”
Shavkat Mirziyoyev, The President of Uzbekistan
Uzbek-British Business Showcase in London, UK.
EUROUZ invites you to attend the business showcase organized by the Embassy of Uzbekistan in London, which will consist of presentations and discussions with a high-level delegation led by Uzbekistan's Foreign Minister, Deputy Minister of Investments, and executives from top banking, industrial, and mining companies.
The event will take place on the 24th of July in London, UK. Learn more about the event and register at the following link.
EUROUZ & MEMBER NEWS
I. EUROUZ congratulates its member AXELCIUM (France) on the successful launch of the "PPP Academy" in partnership with the University of World Economy and Diplomacy (UWED) in Uzbekistan.
The first pilot program, which took place at UWED from June 6 to 8, highlighted the vital role of public-private partnerships in attracting private investment, particularly in Uzbekistan's energy and infrastructure sectors.
EUROUZ takes pride in providing support throughout this endeavor.
II. EUROUZ and Uzbek Review have partnered with Avesta Investment Group to prepare analytical reports on Uzbekistan’s financial market.
EUROUZ and Uzbek Review are delighted to announce that readers can now access weekly digests of news and overviews of stock exchange trading results prepared by Avesta Investment Group. Avesta, a member of EUROUZ, is a prominent investment banking, securities, and investment management firm in Uzbekistan and other Central Asian countries. If interested, we encourage you to check the Markets Overview section of the Uzbek Review.
III. EUROUZ Garden Reception for Business in Brussels.
On June 26, EUROUZ organized a Garden Reception for Business in cooperation with the Embassy of Uzbekistan in Benelux countries and in partnership with EUROUZ members Flanders Investment & Trade (FIT) & Wallonia Export & Investment Agency in Brussels.
IV. EUROUZ hosted a “European Union & Uzbekistan: Growing Opportunities for Agrobusiness” webinar.
EUROUZ hosted a webinar on the growing agribusiness opportunities in Uzbekistan. The event was held jointly with the EU Delegation to Uzbekistan and the Ministry of Agriculture of Uzbekistan. The panel included Wim Riepma, Head of Cooperation at the EU Delegation to Uzbekistan; Umid Madaminov, Deputy Minister of Agriculture of Uzbekistan; and Sardor Abaskhanov, Co-Founder of Global Export.
The panel discussed steps by the Ministry of Agriculture of Uzbekistan and private enterprises to boost capacity and realize new commercial opportunities in the agri-food sector. The panelists also examined the impact of Uzbekistan joining GSP+ on the country's agri-food export outlook.
You can watch the full recording here.
V. EUROUZ welcomes new Association members: Rothschild & Cie (France) and Korzinka (Uzbekistan)
Rothschild & Cie is one of France's leading banks and a part of the Rothschild & Co group. Rothschild & Co is one of the world's largest independent financial advisory groups, with 4,200 financial services specialists in over 40 countries worldwide. They offer advisory services on M&As, strategy, financing, and investment and wealth management solutions to large institutions, families, individuals, and governments.
For more information visit www.rothschildandco.com
Korzinka is the largest leader retail chain in Uzbekistan, offering a wide range of high-quality, branded, and certified products at affordable prices.
Korzinka was founded in 1996, being a pioneer of modern retail in the country. The company currently has 115 stores in 11 regions of the country: Korzinka supermarkets, Smart convenience stores and Korzinka Biznes wholesale store, as well as the Korzinka Go online-supermarket with 2 darkstores in Tashkent.
The supermarket chain is continuously expanding and has earned a well-deserved reputation among buyers. The name 'Korzinka' has become synonymous with the concept of a supermarket, widely recognized and understood by all.
Learn more about Korzinka: https://korzinka.uz/en
We look forward to supporting Rothschild & Cie and Korzinka in Uzbekistan and Europe.
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1. INTERNATIONAL COOPERATION
The package aims to prevent circumvention of the previously introduced restrictions. Among other measures, the list has been expanded to include 87 new entities facing tight export restrictions on dual-use and advanced technology items. The two sanctioned companies from Uzbekistan are Alfa Beta Creative and GFK Logistic Asia. These companies were previously sanctioned by the U.S. Department of Commerce and were accused of attempting to bypass existing restrictions to procure goods for the Russian military.
Senior officials from Uzbekistan and Lithuania attended the UZ Euro Trade House opening ceremony. Currently, Lithuania is among the top 20 foreign trade partners of Uzbekistan. In 2022, the bilateral trade volume between the two countries reached USD 475 million. Last year, Uzmetkombinat inaugurated a trade office in Vilnius, further supporting the plans to annually export up to 40 thousand tons of wire and fittings to the EU.