Uzbekistan Update: November 1 - 15, 2024
Biweekly update on key developments in Uzbekistan
Notable Quotes
"The European Union is an important partner for Uzbekistan in the areas of investment and trade. We are confident that our cooperation will continue to strengthen in the interests of both sides," EU Ambassador to Uzbekistan Toivo Klaar.
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 ASIA, EAST ASIA & SOUTH-EAST ASIA
1.5 MIDDLE EAST
1.6 NORTH & SOUTH AMERICA
1.7 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 IFI’s, 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
Result-Driven Negotiation: Executive Course
EUROUZ Leadership Academy for senior executives first course. Together with EUROUZ member Central Asian University we are bringing a senior professor, one of co-founders of the Oxford Saiid Business School Negotiation Programme who also taught at Harvard Business School in the US.
A three day immersive course to develop senior managers negotiation skills in a small group with fellow executives at a fraction of a cost of the Ivy League executive courses.
Course Information:
Dates: December 10 - 12
Time: 9:00 AM - 6:00 PM daily
Location: Central Asian University, Tashkent
EUROUZ members attend at special rates compared to external executives. An incredible opportunity not to be missed. Register now to secure your spot.
November 23 - 27, 2024 Swiss Days 2024 in Tashkent
The Embassy of Switzerland in Uzbekistan proudly announces Swiss Days 2024: Quality. Innovation. Reliability., scheduled from November 23 to 27 at the Hyatt Regency Tashkent and at Tashkent City Mall. With the participation of more than 30 Swiss companies, this annual event strengthens business ties between Uzbekistan and Switzerland while promoting culture, art, and education. For more information please visit the link.November 25, 2024 Day of German Economy in Uzbekistan
The "Day of German Economy in Uzbekistan" on November 25, 2024, in Tashkent, Uzbekistan, organized by German Industry and Commerce in Central Asia, will be a key event for fostering dialogue between German and Uzbek businesses, investors, and policymakers. The agenda includes discussions on enhancing trade relations, exploring joint investments, and strengthening business ties. Key topics will cover "Sustainable Human Capital Development" and "Innovative Logistics Solutions," with insights shared by prominent German companies active in the region.Date: November 25, 2024
Venue: Hyatt Regency Tashkent, Navoi Street 1A
Register Here: German Business Day in Uzbekistan
November 26, 2024 Uzbek Law Day 2024: Berlin
Uzbek Law Day is an event focused on Uzbekistan's legal and business landscape, particularly in terms of investment opportunities and regulatory frameworks. It discusses legal reforms, market access, and international arbitration, bringing together legal experts, government officials, and business leaders. The event is designed to foster dialogue between Uzbekistan and global investors, with sessions covering various sectors like finance, trade, and cross-border business activities.
November - 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 % discount
EUROUZ & MEMBER NEWS
EUROUZ member Montfort Eurasia helping companies achieve their COP29 goals
In their efforts to assist companies during COP29, they have have published the Montfort Guide to COP29. This guide shares insights from bespoke polling on regional attitudes towards COP and provides an overview of COP29’s significance within the broader regional sustainability landscape.
EUROUZ Member Voltalia Embarks on Solar Energy Project in Uzbekistan
Voltalia, a member of EUROUZ, has launched its first renewable energy project in Uzbekistan with a 100 MW solar plant in the Khorezm region. The European Bank for Reconstruction and Development (EBRD) is financing the project with up to $54.6 million, supported by a $7 million EU guarantee through the European Fund for Sustainable Development Plus. Once completed, the plant will produce 252 GWh of electricity annually, offsetting more than 141,000 tonnes of CO₂ emissions.
EUROUZ Member IT Park announces Seoul Office Launch
IT Park Uzbekistan, a EUROUZ member, has opened a representative office in Seoul to foster collaboration between Uzbek and South Korean tech industries. This move follows a partnership agreement with KIIIC, which opened its own Tashkent office earlier this year, and marks IT Park's second global branch after Germany. The Seoul office aims to tap into South Korea’s advanced expertise in AI, gaming, and cloud technologies while training specialists for the Korean market. Uzbekistan’s digital service exports to South Korea have already surged 4.6 times this year, reflecting strong bilateral growth.
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1. INTERNATIONAL COOPERATION
1.1 EUROPE
Germany Allocates €3 Million to Uzbekistan's Green Economy Transition
The German Agency for International Cooperation (GIZ) has committed €3 million to assist Uzbekistan's private sector in adopting green economy practices. This initiative, formalized during the UN Climate Conference in Baku, aims to enhance environmental sustainability within Uzbekistan's industrial sector. The project will provide consultations on green industrialization and greenhouse gas emissions certification, aiding Uzbekistan's adaptation to international cross-border carbon regulations. This funding builds upon a previous €9 million agreement signed in December 2023 under the "Supporting Private Sector Development and Economic Policy Advice in Uzbekistan" project.
Uzbekistan and Hungary Commit to Expanding Economic Collaboration
On November 6, 2024, during the Turkic States Organization summit in Bishkek, President of Uzbekistan Shavkat Mirziyoyev met with Hungarian Prime Minister Viktor Orban to discuss strengthening bilateral relations. Both leaders expressed satisfaction with the recent increase in trade turnover and industrial cooperation, highlighting progress in establishing an industrial park in the Tashkent region. They emphasized the importance of developing a new portfolio of trade, economic, and investment projects involving key companies from both nations. s.
EU and Uzbekistan Expand Strategic Economic Cooperation
European Commission President Ursula von der Leyen highlighted the growth in Uzbek exports to Europe and emphasized EU support for infrastructure projects like the Trans-Caspian Corridor. She noted the EU's commitment to enhancing Uzbekistan's digital connectivity and securing supply chains for critical minerals. The partnership aims to deepen economic ties, with upcoming discussions at the "Central Asia – EU" summit in Samarkand.
Uzbekistan’s President met EU Counsil President in Baku
On November 12, 2024, during the Climate Summit in Baku, President Shavkat Mirziyoyev met with European Council President Charles Michel to discuss enhancing Uzbekistan-EU relations. They emphasized the importance of swiftly adopting the New Enhanced Partnership and Cooperation Agreement. Additionally, preparations for the inaugural "Central Asia - European Union" summit were reviewed. Both leaders reaffirmed their commitment to deepening multifaceted cooperation between Uzbekistan and the European Union.
Uzbekistan and Finland Forge Cooperation in Key Sectors
Uzbekistan’s President Shavkat Mirziyoyev and Finland’s President Alexander Stubb discussed enhancing ties in industry, education, and environmental initiatives during the COP29 Summit. They outlined plans for industrial collaboration and highlighted Finland’s potential role in the UN Aral Sea Trust Fund. A business forum in Helsinki in January 2025 will further boost joint economic projects.
London Stock Exchange Hosts Uzbek Delegation for Capital Market Expansion
The London Stock Exchange (LSE) recently hosted a delegation from Uzbekistan as part of the "Pathway to Global Markets: IPO and Eurobonds" trade mission, organized by the UK's Department for Business and Trade. This initiative aims to integrate Uzbek companies into global capital markets, facilitating their access to international investors. The LSE's engagement underscores its commitment to fostering international financial collaborations and supporting emerging markets in their economic development.
1.2 RUSSIA & CHINA
Uzbekistan Explores Small Nuclear Power Plant Projects with China
On November 4, 2024, Uzbekistan's government delegation at EXPO-2024 in Shanghai held discussions with China National Nuclear Corporation Overseas Ltd (CNOS) on collaborative nuclear energy projects. The talks focused on leveraging China's expertise in building nuclear power plants and enhancing uranium mining capacity to support nuclear fuel needs. The Chinese side expressed strong interest in deepening bilateral cooperation across various nuclear technology sectors.
Uzbekistan and Russia Expand Educational and Cultural Cooperation
President Shavkat Mirziyoyev met with Russian Deputy Prime Minister Dmitry Chernyshenko to strengthen ties in education and humanitarian efforts. Discussions included plans to establish new branches of Russian universities in Uzbekistan, aiming to improve academic standards and develop skilled educators. A roadmap for collaboration with Russia’s Far Eastern regions was outlined, fostering regional partnerships and knowledge exchange.
Russian Gas Exports to Uzbekistan Surpass 5 Billion Cubic Meters
Since October 2023, Russia has supplied over 5 billion cubic meters of natural gas to Uzbekistan. This delivery follows a 2023 agreement among Russia, Kazakhstan, and Uzbekistan, facilitating gas transit through Kazakhstan under a two-year contract between Gazprom and UzGazTrade. The robust bilateral energy partnership, noting active projects by Gazprom and LUKOIL in developing Uzbekistan's gas fields.
China to Launch Skill-Development Centers for Uzbek Migrant Workers
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