Uzbekistan attracts foreign investors to create its Yellowstone;NBU and the African Export Import Bank sign a $50 million Cooperation Agreement;Belarusian to participate in construction of nuclear power plant;Uzbekistan and China to arrange delivery of cargoes along a new corridor;Foreign companies in Uzbekistan were allowed to create cryptographic exchanges;Uzbekistan plans to stop export of cotton fiber by 2025;Moody’s: Buoyant economy offset weak currency challenges for Uzbek banking system;Documents for US$800m signed within Jizzakh Investment Forum
Uzbekistan attracts foreign investors to create its Yellowstone
Within the framework of the investment forum, an investment project of a tourist cluster in Jizzakh region was presented.
The project consists of three areas: ecological tourism, agritourism and ethnic tourism. Based on the concept, the territory of Bakhmal and Zaamin districts will be divided into a certain direction and allocated for the construction of an appropriate infrastructure.
NBU and the African Export Import Bank sign a $50 million Cooperation Agreement
On September 5, 2018, a Cooperation Agreement was signed between the National Bank of the Republic of Uzbekistan for Foreign Economic Activity and the African Export Import Bank at the amount of 50 million USD, within the framework of the official visit of the President of the Arab Republic of Egypt Abdel Fattah Saeed Hussein Khalil el-Sisi to Uzbekistan.
According to the NBU, the Agreement provides for cooperation with the African Export Import Bank on trade financing, as well as opening of credit lines for financing the export of goods and services from the Arab Republic of Egypt and other African countries to the Republic of Uzbekistan.
Belarusian to participate in construction of nuclear power plant
“Belarus, together with its Russian partners, will soon complete the construction of its own nuclear power plant – the first power unit is planned to be commissioned in 2019, the second – in 2020,” the diplomat said.
“As far as we know, Uzbekistan plans to build its own nuclear power plant by 2028. Belarusian design and construction organizations have gained some experience in construction of nuclear power facilities. In the universities of our country, new areas of education have emerged, according to which personnel will be trained for the renewed energy industry of the country,” he stressed.
Uzbekistan and China to arrange delivery of cargoes along a new corridor
Uzbekistan jointly with China began to transport cargo to Afghanistan via a new transport corridor. The enterprise transports legumes, juices and nectars from Uzbekistan to the People’s Republic of China. In addition, building materials, seedlings, vehicle spare parts and consumer goods are brought from China to Uzbekistan.
Foreign companies in Uzbekistan were allowed to create cryptographic exchanges
Creation of crypto-exchanges in Uzbekistan was allowed only to foreign companies. All crypto-exchanges will have to have a statutory fund of at least 30 thousand minimum wages, that is, about 700 thousand dollars.
In early July, the president of the republic Shavkat Mirziyoyev signed a decree on the introduction of licensing activities on the crypto-active market from October 1.
Uzbekistan plans to stop export of cotton fiber by 2025
Deputy Prime Minister Nodir Otajonov said that Uzbekistan is moving to a new stage in the development of industry.The industry attracted more than US$3 billion of direct investment.
He underlined that today 15 cluster farms operate in the country and several more will be created in 2019.
The Uztekstilprom Association implements the program of diversification and modernization for 2018-2021. The cost of the program is US$2.5 billion.
As a result, Uzbekistan will increase the production of textile products 2.6 times and the volume of exports – 4.7 times to US$7.1 billion by 2025.
Moody’s: Buoyant economy offset weak currency challenges for Uzbek banking system
Ongoing robust economic expansion and strong government support will help the Uzbek banking system navigate challenges thrown up by the accelerating depreciation of the local currency, the soum, says Moody’s Investors Service “Uzbekistan Banks: State support and robust economic growth offset challenges stemming from accelerated soum depreciation”.
“Strong domestic investment and government spending, as well as increased household consumption on the back of rising wages, pensions and overseas remittances continue to benefit Uzbek banks and offset the impact of local currency weakness,” Petr Paklin, Assistant Vice President and Analyst at Moody’s, said.
Documents for US$800m signed within Jizzakh Investment Forum
Twenty-five agreements and contracts, as well as three memorandums for over US$800 million were signed within the International Investment Forum in Jizzakh.
The forum was organized by the State Committee of the Republic of Uzbekistan for Investments and the Jizzakh regional khokimiyat. Representatives of 175 foreign companies such as Shell Global Solutions INTL BV, Fives Group – Fives Stein, Huasin Cement, CIRI, DAL Teknik Makina Ticaret ve Sanayi Anonim Sirketi, Bay Tea Group and others took part in a large-scale investment event in Jizzakh region.