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Business & Economics, Uzbekistan


By the end of 2018, the enterprise “Uzmetkombinat” plans to be able to fully to provide the machine-building industry of Uzbekistan with fastening details. This will be possible after the commissioning of a new production facility, which will be established in accordance with the presidential decree of June 23, 2017. The total cost of this project is $31.57 million, and the annual output of finished products will reach 5,000 tons.



Uzbekistan will increase the volume of gas condensate supplies from Turkmenistan to the Bukhara oil refinery. The NHC “Uzbekneftegaz” reported the news, referring to the agreement reached during the visit of Uzbek president Shavkat Mirziyoyev to Turkmenistan in May 2017. Then the representatives of the two countries signed the PSA (Production Sharing Agreement) envisaging the participation of “Uzbekneftegaz “in development of the Turkmen sector of the Caspian Sea shelf.



President Shavkat Mirziyoyev has approved the framework agreement between Uzbekistan and the EBRD (European Bank for Reconstruction and Development) that provides for operations related to the Environmental Rehabilitation Account for Central Asia. Worth recalling, this document was signed during President of the EBRD Sum Chakrabarty's visit to Tashkent on March 16, 2017. It provides for cooperation between the bank and Uzbekistan in the field of recovery of the environment affected by the extraction and enrichment of uranium.



From June 1, 2017, the banks of Uzbekistan “Aloqabank” and “Asaka” started issuing loans to citizens of the republic for purchases of passenger vehicles of national production. The conditions of car insurance offered by these financial institutions differ from each other; so do the terms of lending. “Asaka” issues loans for up to three years, while “Aloqabank” offers a period of up to four years. As for the interest rate, it depends on the amount of the down payment, which the borrower provides as a preliminary payment.



The Russian enterprise “Uralmashzavod” (UZTM) plans to conclude a contract providing for the delivery of mining equipment to Uzbek enterprises. According to the press service of the UZTM, the agreement on deliveries of the ECG-5A excavator is currently being prepared for signing with the Navoi MMC. The enterprises plan to sign the first contract for the delivery of the mass-produced excavator ECG-18, as well as several contracts for new crushing and grinding complexes (mills and smart crushers).



President Shavkat Mirziyoyev has signed the decree on drastic reforming of the Chamber of Commerce and Industry of Uzbekistan. This document was issued due to the fact that in recent years a number of serious issues have been revealed in the activity of this organization, especially concerning the insufficient protection of business rights and the weak development of measures aimed at improving the business climate.


At present, enterprises that are part of the national holding company “Uzpahtasanoatzksport” (including cotton plants) are replacing traditional outdoor lamps with self-powered lamps powered by solar panels. In total, 1,200 units of outdoor lamps will be replaced at the NHC enterprises throughout the country. According to local publications, “Energosila” (Russia) supplied solar cells for this project.



This week, Uzbekistan intends to increase the state shares invested in the authorized capitals of commercial banks by $500 million in aggregate. This will be done in accordance with the decree signed several days ago by the president of the republic, Shavkat Mirziyoyev. This decision was made with a view to improving the financial stability of the national banking system and further supporting the process of capitalization of commercial banks, which will allow them to expand their participation in financing many investment projects and in supporting the entrepreneurship.


Uzbekistan is considering the possibility of becoming the operator of the TAPI (Turkmenistan-Afghanistan-Pakistan-India) gas pipeline that is currently under construction. The chairman of the board of the national holding company “Uzbekneftegaz,” Alisher Sultanov, reported the news during the meeting of the International Press Club. “Most likely, we will become the operator of this project. Our Turkmen colleagues are holding a selection contest for an operator that would be able to organize the work across the entire pipeline (about 1,735 km).


Uzbekistan has approved the program of modernization of the republic's coal industry in the coming years. The reason for the adoption of this document was a number of serious shortcomings discovered in the work of the state monopoly “Uzbekugol.” The main of them are: the weak production discipline; the ineffective operation of the company's equipment; the serious lag in the modernization of capacities, which leads to a lack of progress in the implementation of many investment projects.