Uzbekistan Update: August 15 - 31, 2024
Biweekly update on key developments in Uzbekistan
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Notable Quotes
“Previously, our economy needed protection to some extent. If we continue down this path, our opportunities will be limited. Because if we do not enter international production chains, economic growth will not be what we expect, the head of state noted.” – Shavkat Mirziyoyev on the importance of new market reforms & WTO accession, President of Uzbekistan
Table of contents of this Uzbek.Review report for paid subscribers & members:
1. INTERNATIONAL COOPERATION
1.1 EUROPE
1.2 CENTRAL ASIA, CAUCASUS & CIS
1.3 RUSSIA & CHINA
1.4 MIDDLE EAST, EAST ASIA & SOUTH-EAST ASIA
1.5 INTERNATIONAL ORGANIZATIONS
2. PUBLIC POLICY
3. LEGISLATION & GOVERNMENT
3.1 LEGISLATIVE CHANGES
3.2 APPOINTMENTS
4. ECONOMY
4.1 KEY ECONOMIC INDICATORS, LOANS, & PUBLIC FINANCE
4.2 BAKNING & FINANCE
4.3 AGRICULTURE, MINING, & MANUFACTURING
4.4 CONSTRUCTION & REAL ESTATE
4.5 TRADE AND BUSINESS
4.6 ENERGY & PETROCHEMICALS
5. USEFUL LINKS AND NOTABLE PUBLICATIONS
UPCOMING EUROUZ & MEMBER EVENTS
September 5 , 2024 EUROUZ ESG & Compliance Committee
(Online Meeting)The meeting will include strategic mapping of stakeholders for government partnerships, planning activities for the second half of the year, and identifying training programs to be developed by EUROUZ in ESG disciplines for its members. The meeting will aim to help members identify ways to create measurable and lasting impacts within their organisations. This event will present an opportunity to align priorities and plan for future initiatives in ESG and compliance with the EUROUZ framework.
Time: 16:30 - 18:00 UZ / 12:30 - 14:00 CET (EUROUZ & associate members only)September 9, 2024 Breakfast with Uzbekistan’s Chief WTO Negotiator
Join us for an exclusive informal networking breakfast. This is a unique opportunity to gain insights directly from the Uzbekistan’s WTO negotiation team, to discuss Uzbekistan’s future as part of the WTO, focusing on key milestones, challenges, and next steps. You will also have a chance to express your businesses’ position on trade maters which may be taken into account.
Time: 07:30 - 08:30 UZ (EUROUZ & CEFO members only)September 11, 2024 EUROUZ Back to Work Jazz Night
Join us as EUROUZ welcomes you back from the summer season with an enchanting evening of vibrant jazz music and an exclusive fourchette dinner. This is a perfect opportunity to reconnect with EUROUZ members and friends while enjoying an exquisite culinary experience. As the evening unfolds, we’ll unveil exciting plans for Uzbekistan’s Executive Leaders Club, setting the stage for an inspiring and successful season ahead. Don’t miss this exclusive event—where great company, fine dining, and dynamic networking come together to create a night to remember!
Time: 19:30 - 21:30 UZ (members event with limited external attendance)
Sponsorship packages availableSeptember 12, 2024 Attracting International debt Funding for Uzbek Companies
Organised jointly with Avesta Investment Group, the event focused on strategies and opportunities for Uzbek companies to secure international debt funding. Industry experts and financial analysts discussed current market trends, potential risks, and the benefits of international financing. They provided insights into the criteria and processes involved in attracting global investors. Attendees engaged in Q&A sessions, gaining valuable advice on enhancing their financial profiles to meet international standards.
Time: 09:00 - 14:00 UZ (open event, mandatory advance registration)September 19, 2024 EUROUZ HR & Capacity Building Committee Members' meeting
This event will bring together committee members to discuss and develop strategies for human resources and capacity building within the organization. Members interested in contributing as speakers are encouraged to submit their topic proposals via email.
Time: 16:00 - 18:00 Tashkent (members event with limited external attendance)October 3, 2024 EUROUZ Networking Breakfast for Communication and PR professionals
Join us for an exclusive Networking Breakfast tailored for Communication and PR professionals. This event offers a unique opportunity to connect with industry peers, share insights, and explore new trends in the dynamic world of public relations. Engage in meaningful conversations over a delicious breakfast, expand your professional network, and gain fresh perspectives that can enhance your communication strategies.
Time: 08:30 - 10:00 UZ (members event with limited external attendance)November 4 - 5, 2024 The European Economic Days in Uzbekistan
EUROUZ proudly announces the annual EU-Uzbekistan Business Meeting on November 4-5—our flagship event of the year. This prestigious gathering brings together top industry leaders, policymakers, and innovators from both the European Union and Uzbekistan. Organized in close collaboration with the Government of Uzbekistan and key EU institutions, this event provides a unique platform to elevate private sector engagement and foster robust economic partnerships between the EU and Uzbekistan. Don’t miss out on this premier opportunity to shape the future of EU-Uzbekistan relations. Registrations are now open!
Event website: http://economicdays.eurouz.events/
Please contact info@eurouz.com for sponsorship inquiries.
OTHER IMPORTANT UPCOMING EVENTS ON OUR AGENDA
September 8 - 13, 2024 Uzbek Arbitration Week
The 4th edition of the Uzbek Arbitration Week is organised by the Tashkent International Arbitration Centre (TIAC) and the Chamber of Commerce and Industry of the Republic of Uzbekistan with the active support from many other development partners and organisations.
Languages: English, Uzbek and Russian
Format: hybrid
Visit website for more information.
EUROUZ members are eligible for 10% discountSeptember 8-10, 2024 Annual Conference ITMF and IAF Fashion Convention
Annual Conference of the International Textile Manufacturers Federation (ITMF) and the International Apparel Federation (IAF) Fashion Convention. This significant event will bring together over 500 leaders from global organizations, textile companies, brands, retailers, and financial institutions from Europe, the CIS, Asia, Africa, and the Americas. The conference will focus on the future of the global textile industry, highlighting Uzbekistan's rapid growth and emerging role as a competitive textile producer on the international stage.
Visit the website for more information.September 9 - 10, 2024 Central Asia Green Energy & Hydrogen 2024
We are delighted to announce the Central Asia Green Energy & Hydrogen 2024, a pioneering gathering set to convene in the vibrant city of Tashkent, Uzbekistan, on September 9th-10th. This landmark event serves as a premier platform for stakeholders, industry leaders, policymakers, and innovators to converge and catalyze the momentum towards sustainable energy transformation in Central Asia. Focused on the burgeoning fields of solar PV, wind power projects, and hydrogen industry development, the event will feature insightful discussions, cutting-edge presentations, and invaluable networking opportunities.
EUROUZ members are eligible for 15% discountOctober 3-4, 2024 FinTech & Banking Forum 2024
Fintech & Banking Forum 2024 is a platform for leaders in the fintech and banking industries to explore innovations, discuss regulatory frameworks, and promote advancements in the sector across Central Asia. The event brings together local and international experts to exchange ideas and experiences, positioning Uzbekistan within the global fintech landscape. As a significant annual event, it aims to foster dialogue, innovation, and partnerships that impact the fintech and banking industries in the region
EUROUZ members are eligible for discountOctober - 18, 2024 EMBRAS 2024 Employer Brand Award
EUROUZ supports the annual Employer Brand Award EMBRAS 2024, organized by our members. We call for all HR directors and managers, L&D, entrepreneurs and business owners to take part in the prestigious event that recognizes the best HR projects which transform business through corporate culture. The EMBRAS Award promoting the story of how a well recognized HR brand helps a company grow.
Event date: 18 OctoberLocation: Tashkent
EUROUZ members are eligible for 10 % discount
Submit your HR projects for the competition now by contacting the organising teamNovember - 28, 2024 Human Capital Days in Uzbekistan
Human Capital Days (HCD) is the most anticipated event of the year in the field of human resource development. Offering a comprehensive overview of human capital development, HCD brings together government agencies, non-governmental organizations, businesses, and experts from Central Asia. The event will feature 50+ prominent speakers from diverse sectors, including energy, extractive industries, FMCG and retail, financial and banking, medicine and pharmaceuticals, transport and logistics, IT and communications, public administration and education, consulting, and recruitment. Join us to gain insights and network with leading professionals in the industry.
EUROUZ members are eligible for 10 % discountExhibitions events for Autumn 2024
Autmun exhibitions schedule for Uzbekistan by EUROUZ member Iteca Exhibitions. If you are looking to take part in any exhibition below, special conditions are available for EUROUZ members. Please contact us for more info@eurouz.com
EUROUZ & MEMBER NEWS
EUROUZ Member Partners with Air Products on $140M Hydrogen Deal
Air Products has announced the acquisition of assets at the Fergana Oil Refinery (NPP) in Uzbekistan from EUROUZ Member SANEG for $140 million, with the deal expected to close by the end of 2024. This agreement will allow Air Products to produce hydrogen, aligning with its global investments in clean hydrogen production. Saneg's founder believes this collaboration will enhance Uzbekistan's energy security and modernize its oil and gas sector. The initiative marks a significant step in the country's push toward sustainable energy solutions.AKFA Group Partners with Italy’s Sira Industrie on new local production
EUROUZ members AKFA Group celebrated a significant milestone this month. In collaboration with Italy's Sira Industrie, the company unveiled their first locally produced premium Sira radiators, known for their innovative design, corrosion resistance, and rapid heating. The event at the AKFA Trade Center highlighted the advanced technology behind these products, positioning AKFA to serve both local and international markets and reinforcing its industry leadership.Beeline Uzbekistan’s Blood Donor Day
Beeline Uzbekistan hosted a Blood Donor Day at their headquarters, where employees came together to donate approximately 21 liters of blood. This remarkable contribution has the potential to save multiple lives, reflecting the company’s commitment to social responsibility. Beeline Uzbekistan is immensely proud of everyone who participated and deeply grateful for their kindness and courage in supporting this life-saving initiative. An important & exemplary project from a valued EUROUZ community member.
EUROUZ welcomes new member - FCS EXPERTS LLC
FCS EXPERTS LLC — auditing and boutique consulting company that provides wide range of services in accounting, taxation, and finance fields. The company was founded in 2021 by experts with international experience in the "Big4" companies with practice in the USA, Europe and CIS countries. Having considerable experience in the project-based work abroad and in the Central Asia, FCS team successfully cooperates with many leading state-owned enterprises and private companies in Uzbekistan. The company can support the businesses from the start-up phase and throughout its future development because they also have partners in the legal and IT fields.
EUROUZ welcomes new member - Edward's East Strategies
Edward's East Strategies — international consulting firm with a geography of activities in the countries of Central Asia, the Caucasus and the Persian Gulf. The company tackles clients’ problems in the domain of the corporate ESG-transformation, promotes the interests on behalf of the large-size business entities within the system of public authorities, as well as provides the comprehensive set of services in the realm of strategic communications.
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1. INTERNATIONAL COOPERATION
1.1 EUROPE
Germany’s Chancellor Olaf Scholz to visit Uzbekistan
German Chancellor Olaf Scholz is scheduled to visit Uzbekistan in mid-September 2024. The visit will focus on enhancing bilateral relations and discussing economic and political issues. This follows a series of interactions between Uzbekistan's President Shavkat Mirziyoyev and Scholz, including talks during Mirziyoyev's visit to Germany in May 2023 and the first Central Asian leaders' summit in Berlin in September 2023. During the summit, Mirziyoyev officially invited Scholz to visit Uzbekistan. The chancellor will be accompanied by over 20 business leaders. After a short stop in Samarkand, the Scholz is scheduled to have a 5+1 meeting with heads of Central Asia’s States in Astana, Kazakhstan.
EU’s new Ambassador to Uzbekistan is expected to arrive in September
EU’s new top diplomat in Uzbekistan, Mr. Toivo Klaar is an Estonian diplomat who has served as the EU Special Representative for the South Caucasus and the Crisis in Georgia from November 2017 up to the end of August 2024. Throughout his career, he has held several significant positions, including Head of Division for Central Asia at the European External Action Service, Head of the EU Monitoring Mission in Georgia, Adviser to the Estonian Minister of Defence, and Diplomatic Adviser to the President of Estonia. He holds a Master of Public Administration from Harvard Kennedy School.
1.2 CENTRAL ASIA, CAUCASUS & CIS
Uzbekistan and Azerbaijan to Launch $520 Million in Joint Projects
On August 26th Azerbaijan's President Ilham Aliyev visited Uzbekistan with a State Visit. During this time the two countries signed a Treaty on Alliance Relations, formalising the highest form of political cooperation between both countries. During the Interstate Supreme Council meeting the countries also signed ten bilateral cooperation agreements, covering several sectors: labor rights, education, trade, cultural cooperation, and tourism. Uzbekistan and Azerbaijan also agreed to implement joint projects worth $520 million, including a $104 million textile cluster in Azerbaijan's Yevlakh region, led by Uzbekistan’s Global Textile. Uzbekistan also committed to increasing cargo transit through Azerbaijan, targeting 1 million tons by the end of the year, and exploring further cooperation in both traditional and renewable energy sectors.
Uzbekistan and Belarus Sign Roadmap to Enhance Bilateral Cooperation
On 27 August Uzbekistan's Senate Chairperson, Tanzila Narbayeva, met with Natalya Kochanova, her Belarusian counterpart, to discuss enhancing bilateral cooperation. The discussions emphasized expanding collaboration in education, science, women's entrepreneurship, and healthcare, while also strengthening interregional relations. Both leaders agreed to boost parliamentary oversight over bilateral agreements and accelerate activities of youth parliaments and friendship groups. The meeting concluded with the signing of a "roadmap" outlining joint activities for 2024-2025 to further deepen cooperation.
1.3 RUSSIA & CHINA
Uzbekistan Railways to Upgrade Fleet with CRRC Zhuzhou Locomotive Deal
Uzbekistan Railways has signed an agreement with China's CRRC Zhuzhou Locomotive to upgrade its locomotive fleet. The deal involves the modernization of 12 electric locomotives and the delivery of 38 new locomotives, including freight and passenger models, by 2034. This $181 million project aims to enhance the efficiency and reliability of Uzbekistan's railway system. The collaboration also includes ongoing discussions about future train purchases and spare parts to support the country's growing transportation needs.
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