Author: Rustam Dehoanov

The 16th Summit of the Economic Cooperation Organization (ECO) was held in the Uzbek capital Tashkent on Thursday, during which President of Uzbekistan Shavkat Mirziyoyev noted the great potential in expanding economic ties between ECO countries. According to the press service of the president of Uzbekistan, the purpose of this summit is to discuss the prospects for multifaceted cooperation within the ECO and bring it to a new level. Mirziyoyev said in his speech that the ECO has great potential in expanding ties in trade, economic and industrial fields, and also in investment, innovation and transport. During the summit, the…

Strong economic growth Following a strong economic growth performance of 5.7% in 2022, real GDP growth is expected to remain robust this year (above 5%), despite the electricity and heating disruptions witnessed during the extremely cold winter. While the current account balance improved in 2022, boosted notably by a surge in remittances and inflows from Russian migrants and the relocation of Russian companies, the current account deficit is widening again (see graph), in particular because of a decrease in remittances and a rise in trade deficit. Along with the deterioration of the current account balance, the foreign exchange reserves have…

Uzum Group is actively engaged in propelling Uzbekistan’s digital transformation. The company is focused on expanding its presence in key sectors such as e-commerce, digital banking, and FinTech services. Additionally, Uzum Group is committed to bolstering its logistics infrastructure. The intended investment will serve as a vital stepping stone in Uzum’s journey, consolidating its position as the nation’s digital champion. These funds will facilitate the acceleration of Uzum Group’s e-commerce, digital banking, and fintech services. Moreover, the investment aims to enhance the company’s logistics infrastructure. Uzum aspires to establish a comprehensive national digital platform catering to millions of Uzbekistan residents.…

Exports Minister Lord Offord is in Uzbekistan to expand on UK-Uzbek relations and find untapped business opportunities. Exports Minister Lord Offord is in Uzbekistan to expand on UK-Uzbek relations and find untapped business opportunities. With the wider Central Asian region expected to grow by 5.4 per cent in 2024, Uzbekistan offers clear and tangible opportunities for UK businesses. During a three-day mission to Uzbekistan, the Minister will meet government counterparts and business leaders and focus on infrastructure and mining opportunities for UK exports to boost our trade relationship. Lord Offord will also visit Almalyk Mine and gold processing facility to…

The popularity of Islamic leaders in Uzbekistan is growing. With the rise of the internet and relative freedom of speech, imams and preachers are regaining influence they had lost – first to Soviet atheism and later, to former President Islam Karimov’s hard line against Islam. These religious leaders have established a presence on various online platforms and social media, amassing millions of followers. Some are even engaging in political discourse, crossing a line that was once strictly forbidden. At first glance, Tashkent’s new approach toward religious freedom may seem irrational from the perspective of regime stability. Allowing Islamic leaders to…

TEMPO.CO, Mumbai, India – The fastest-growing food commodity, vegetable oils, plays a fundamental role in supporting humanity’s needs, both for consumption and various applications. However, it is now facing the challenge of meeting demand that increasingly outruns the supply. Swift and decisive action is required from vegetable oil-producing countries to address immediate challenges and enhance future resilience in providing sustainable vegetable oils. To facilitate this action, the Council of Palm Oil Producing Countries (CPOPC) and Indonesian Palm Oil Association (GAPKI) will co-host the 2nd Sustainable Vegetable Oils Conference (2nd SVOC), aligning with the G20 meetings and back-to-back with the Globoil India 2023. After its…

Ahead of the Moscow format discussion at Kazan in Russia, the Taliban have called upon India to help in the economic recovery of Afghanistan. The discussion scheduled to be held on September 29 is significant from the regional point of view as this is the first such meeting after China increased engagement with the Taliban and sent a new Ambassador to Kabul earlier this month. “We want positive traditional relations with India as it has been the case for decades but we expect her to support our cause for economic stability and recognition,” Suhail Shaheen, head of the Political Office…

Uzbekistan’s Foreign Minister Bakhtiyor Saidov will visit Türkiye on Sept. 25-27 to attend a joint strategic meeting, the Turkish Foreign Ministry said on Monday. Turkish Foreign Minister Hakan Fidan and Saidov will co-chair the third meeting of the Türkiye-Uzbekistan Joint Strategic Planning Group (OSPG), a ministry statement said. The ministers will discuss bilateral relations, and cooperation in multilateral platforms, while regional and international developments will also be on the agenda. Türkiye became the first country which recognized Uzbekistan in 1991 and diplomatic relations were established in 1992. Ankara attaches great importance to the improvement of cooperation with Uzbekistan in all…

Uzbekistan has a very high potential in the use of renewable energy sources. According to the estimates of the International Energy Agency and the United Nations Economic Commission for Europe, Uzbekistan has a combined renewable energy potential for electricity production of 2,091 billion kWh (30 times higher than annual consumption). And in recent years, much attention has been paid to this area in the development of the existing potential. Uzbekistan, as a country with about 320 sunny days a year, has the highest potential in the development of solar energy, the total potential of which is 2,058 billion kWh. The…

TERMEZ, UZBEKISTAN — Surrounded by orchard trees and flowers, a newly renovated house in Surkhandarya, Uzbekistan, boasts a large courtyard and barn. Sipping green tea in the sweltering summer heat, a group of local women of different ages and backgrounds tell VOA that life near the Afghan border has never been easy, but they now worry more about their neighbors. Cross-border traffic has fallen since the Taliban takeover in 2021, but dozens of Afghans still enter Uzbekistan daily, and cargo movement at the border crossing is visibly dynamic. “We see Afghanistan every time we go out. It’s right there,” says Guljamila…