Issue 1111 - 27.01.2023
27.01.2023

Kyrgyzstan and Uzbekistan sign seven Memorandums of Cooperation

Kyrgyzstan and Uzbekistan have signed seven Memorandums of Cooperation as a result of the meeting of the Business Council.

More than a hundred representatives of the largest enterprises of the two republics jointly discussed issues and signed a number of cooperation agreements. In his opening speech, the President of the Chamber of Commerce and Industry of the Kyrgyz Republic, Temir Sariev, announced start of a new stage in relations between Kyrgyzstan and Uzbekistan. The first step will be assistance to businesses in joint promotion.

«We have outlined the plans — this is $ 2 billion a year. To achieve this level, the Chambers of Commerce and Industry of the two countries are ready to provide all possible assistance. We agreed that we will build the so-called «green corridor» between the two states. Business is ready to work with government agencies and solve all existing problems,» said Temir Sariev.

Deputy Chairman of the Chamber of Commerce and Industry of Uzbekistan Jamshed Urakov believes that mutual understanding between the Chambers of the two countries has reached a new level. He stressed that business circles were interested in resolving issues with the help of the resources of the Chambers of Commerce and Industry.

Representatives of dairy products associations of the two countries declared their readiness for mutual cooperation. Last year, dairy products worth 1.7 million soms were exported to Uzbekistan. This is 12 times less than to other countries. Considering that milk and meat are perishable products, businessmen ask to create the same «green corridor». Representatives from Uzbekistan told about a catastrophic shortage of meat and milk.

They are ready to accept proposals from Kyrgyz enterprises for the speedy export of meat and dairy products.

The heads of the Chambers of Commerce and Industry of Kyrgyzstan and Uzbekistan made a joint statement. They assured the entrepreneurs that they would negotiate with the relevant government agencies as soon as possible to solve pressing problems.

As a result of the meeting of the Business Council, the following memorandums were signed:

Memorandum of Cooperation between the Union of Jewelers and Entrepreneurs of Kyrgyzstan and the Uzbekzargarsanoati Association of Uzbekistan;Memorandum of Cooperation between the Osh Regional Branch of the Chamber of Commerce and Industry of the Kyrgyz Republic and Andijan Territorial Chamber of Commerce and Industry of the Republic of Uzbekistan;Memorandum of Mutual Understanding between the Business Association JIA and the Association of Exporters of Uzbekistan;Memorandum of Cooperation between the Pharmaceutical Union of Kyrgyzstan and the Agency for the Development of the Pharmaceutical Industry of Uzbekistan;Memorandum of Mutual Understanding between Ecoexport LLC of the Kyrgyz Republic and the Association for the Development of Pasture Farms of Uzbekistan;Memorandum of Cooperation between the Association of Tour Operators of Kyrgyzstan and the Association of Tourism Investors of Uzbekistan;Memorandum of Cooperation between Bazalt Wool and Fast Group LLC for $20 million.

By 24.kg

Kyrgyzstan General

27.01.2023

President of Uzbekistan Shavkat Mirziyoyev arrives in Kyrgyzstan

President of Uzbekistan Shavkat Mirziyoyev arrived in Kyrgyzstan on a state visit.

The President of Kyrgyzstan Sadyr Japarov met the leader of Uzbekistan at Manas International Airport.

The heads of state and their wives watched a concert program with the participation of Kyrgyz artists.

As part of the state visit, the leaders of the countries will discuss a wide range of issues of mutual interest, prospects for further deepening...

President of Uzbekistan Shavkat Mirziyoyev arrived in Kyrgyzstan on a state visit.

The President of Kyrgyzstan Sadyr Japarov met the leader of Uzbekistan at Manas International Airport.

The heads of state and their wives watched a concert program with the participation of Kyrgyz artists.

As part of the state visit, the leaders of the countries will discuss a wide range of issues of mutual interest, prospects for further deepening...

Finance and Investment

27.01.2023

Ratio of external debt to GDP amounts to 93% in Kyrgyzstan

The external debt of the EAEU states decreased by USD61.7 billion, or 8.6% as of October 1, 2022. This is stated in the data of the Eurasian Economic Commission.

The reduction was observed in Belarus, Kazakhstan and Russia.

In all states, since 2020, there has been a decrease in external debt as...

The external debt of the EAEU states decreased by USD61.7 billion, or 8.6% as of October 1, 2022. This is stated in the data of the Eurasian Economic Commission.

The reduction was observed in Belarus, Kazakhstan and Russia.

In all states, since 2020, there has been a decrease in external debt as...

27.01.2023

Kyrgyz Minister of Finance meets with representatives of World Bank

Minister of Finance of Kyrgyzstan Almaz Baketaev met with World Bank Regional Director for Sustainable Development for Europe and Central Asia Sameh Naguib Wahba and Head of the World Bank Office in Kyrgyzstan Navid Hassan Nakvi.

During the meeting, issues of cooperation were discussed, in particular, on the implementation of infrastructure...

Minister of Finance of Kyrgyzstan Almaz Baketaev met with World Bank Regional Director for Sustainable Development for Europe and Central Asia Sameh Naguib Wahba and Head of the World Bank Office in Kyrgyzstan Navid Hassan Nakvi.

During the meeting, issues of cooperation were discussed, in particular, on the implementation of infrastructure...

27.01.2023

Kyrgyz Bank of Asia places less than 15% of total issue of gender bonds

For two months, starting from November 19, the Bank of Asia marked through the stock market gender bonds for 11.75 million som. It is reported by the Kyrgyz Stock Exchange.

This is less than 15% of the total issue, which is 82 million som. The bank's gender bonds are included in...

For two months, starting from November 19, the Bank of Asia marked through the stock market gender bonds for 11.75 million som. It is reported by the Kyrgyz Stock Exchange.

This is less than 15% of the total issue, which is 82 million som. The bank's gender bonds are included in...

27.01.2023

Demand for US dollar in interbank trading in Kyrgyzstan increases by more than 50%

On January 25, commercial banks purchased $7.5 million at interbank foreign exchange auctions. Such data are reflected in daily trading statistics.

The amount increased by 53% compared to the January 24 auction, when banks bought $4.9 million.

The trades opened at 86.1 som for the US dollar, showing an increase of 0.06%...

On January 25, commercial banks purchased $7.5 million at interbank foreign exchange auctions. Such data are reflected in daily trading statistics.

The amount increased by 53% compared to the January 24 auction, when banks bought $4.9 million.

The trades opened at 86.1 som for the US dollar, showing an increase of 0.06%...

27.01.2023

Kyrgyzstan and Uzbekistan work together on import substitution

Kyrgyzstan and Uzbekistan can supply each other with goods that are now imported from near and far abroad. This was announced by the head of the presidential administration of Uzbekistan Sardor Umurzakov at the opening of the Kyrgyz-Uzbek business forum.

According to him, Uzbekistan can import goods worth $500 million from...

Kyrgyzstan and Uzbekistan can supply each other with goods that are now imported from near and far abroad. This was announced by the head of the presidential administration of Uzbekistan Sardor Umurzakov at the opening of the Kyrgyz-Uzbek business forum.

According to him, Uzbekistan can import goods worth $500 million from...

27.01.2023

Temir Sariev speaks about barriers for business in Kyrgyzstan and Uzbekistan

There are barriers and obstacles that hinder the realisation of opportunities for entrepreneurs in Kyrgyzstan and Uzbekistan. Temir Sariev, head of the Chamber of Commerce and Industry of Kyrgyzstan, spoke about this at the Kyrgyz-Uzbek business forum.

According to him, today there are not enough checkpoints between the countries in the...

There are barriers and obstacles that hinder the realisation of opportunities for entrepreneurs in Kyrgyzstan and Uzbekistan. Temir Sariev, head of the Chamber of Commerce and Industry of Kyrgyzstan, spoke about this at the Kyrgyz-Uzbek business forum.

According to him, today there are not enough checkpoints between the countries in the...

27.01.2023

Ratio of external debt to GDP in EAEU ranges from 21% in Russia to 93% in Kyrgyzstan

The external debt of the EAEU states decreased by USD61.7 billion, or 8.6% as of October 1, 2022. This is stated in the data of the Eurasian Economic Commission.

The reduction was observed in Belarus, Kazakhstan and Russia.

In all states, since 2020, there has been a decrease in external debt as...

The external debt of the EAEU states decreased by USD61.7 billion, or 8.6% as of October 1, 2022. This is stated in the data of the Eurasian Economic Commission.

The reduction was observed in Belarus, Kazakhstan and Russia.

In all states, since 2020, there has been a decrease in external debt as...

27.01.2023

National Bank of Kyrgyzstan tells about changes in rules of money transfers in 2022

In 2022, restrictions on money transfers were introduced in Kyrgyzstan. This was announced on January 26 at a press conference by the head of the payment system department of the NBKR Aibek Sultanaliev.

According to him, in order to ensure the country's security, stabilize the situation in the domestic foreign exchange...

In 2022, restrictions on money transfers were introduced in Kyrgyzstan. This was announced on January 26 at a press conference by the head of the payment system department of the NBKR Aibek Sultanaliev.

According to him, in order to ensure the country's security, stabilize the situation in the domestic foreign exchange...

27.01.2023

Package of agreements for over US$1.6 billion signed at business forum Kyrgyzstan-Uzbekistan

Following the results of the business forum Kyrgyzstan-Uzbekistan, a solid package of agreements was signed totaling more than US$1.6 billion in the chemical, electrical, automotive, textile industries, agriculture, production of building materials, leather goods and other areas.

Here are the main documents:

1. The roadmap on cooperation in the field of agro-industrial...

Following the results of the business forum Kyrgyzstan-Uzbekistan, a solid package of agreements was signed totaling more than US$1.6 billion in the chemical, electrical, automotive, textile industries, agriculture, production of building materials, leather goods and other areas.

Here are the main documents:

1. The roadmap on cooperation in the field of agro-industrial...

27.01.2023

Greenback disrupts downfall as US recession lurks

The dollar edged up on Thursday after sinking to an eight-month low against peers ahead of U.S. economic data, with investors expecting a recession to encourage the Federal Reserve to slow down its monetary tightening push.

A gloomy U.S. corporate earnings season stoked recession fears in the world's largest economy, sending...

The dollar edged up on Thursday after sinking to an eight-month low against peers ahead of U.S. economic data, with investors expecting a recession to encourage the Federal Reserve to slow down its monetary tightening push.

A gloomy U.S. corporate earnings season stoked recession fears in the world's largest economy, sending...

Metals and Minerals

27.01.2023

Bullion and peers retreat as dollar veers up

Gold prices dipped on Thursday as the dollar firmed, while investors awaited a host of U.S. economic data for clues on the Federal Reserve's strategy on interest rate hikes.

Spot gold fell 0.5% to $1,936.82 per ounce by 1159 GMT, after earlier hitting its highest since April 2022 at $1,949.09. U.S....

Gold prices dipped on Thursday as the dollar firmed, while investors awaited a host of U.S. economic data for clues on the Federal Reserve's strategy on interest rate hikes.

Spot gold fell 0.5% to $1,936.82 per ounce by 1159 GMT, after earlier hitting its highest since April 2022 at $1,949.09. U.S....

27.01.2023

Copper steady as lead, tin log gains

Copper prices barely budged for a seventh consecutive session on Thursday, with top consumer China on holiday and markets awaiting the release of U.S. growth data that could offer guidance on the Federal Reserve's next policy move.

A weakening dollar and hopes for stronger Chinese demand after the nation ditched its...

Copper prices barely budged for a seventh consecutive session on Thursday, with top consumer China on holiday and markets awaiting the release of U.S. growth data that could offer guidance on the Federal Reserve's next policy move.

A weakening dollar and hopes for stronger Chinese demand after the nation ditched its...

Agriculture

27.01.2023

Kyrgyzstan exports regulated agricultural products in January 2023

Employees of the Department of Chemicalisation, Plant Protection and Quarantine of the Ministry of Agriculture carried out quarantine phytosanitary control over domestic agricultural products in the amount of 17 thousand 338 tonnes, intended for export at the border and on the territory of the republic. This was reported on the...

Employees of the Department of Chemicalisation, Plant Protection and Quarantine of the Ministry of Agriculture carried out quarantine phytosanitary control over domestic agricultural products in the amount of 17 thousand 338 tonnes, intended for export at the border and on the territory of the republic. This was reported on the...

27.01.2023

US wheat contract reverses gains on promising US outlook

Chicago soybean futures declined on Thursday, as rains across Argentina’s farm belt boosted crop prospects, easing concerns about supply disruptions resulting from a severe drought.

Wheat lost ground after two days of gains, as snowfall in U.S. Plains improved prospects for the winter crop.

“Most of Argentina will get rain at one...

Chicago soybean futures declined on Thursday, as rains across Argentina’s farm belt boosted crop prospects, easing concerns about supply disruptions resulting from a severe drought.

Wheat lost ground after two days of gains, as snowfall in U.S. Plains improved prospects for the winter crop.

“Most of Argentina will get rain at one...

Manufacturing industry

27.01.2023

Experts from Korea arrive in Kyrgyzstan to study project on electric vehicles

On January 26, Minister Daniyar Amangeldiyev met with Director of the Korea International Cooperation Agency (KOICA) Lee Jongsu and discussed priority areas of bilateral cooperation.

The minister noted that one of the priority areas for Kyrgyzstan is the development of a green economy and sustainable agriculture.

“One of the tools for green...

On January 26, Minister Daniyar Amangeldiyev met with Director of the Korea International Cooperation Agency (KOICA) Lee Jongsu and discussed priority areas of bilateral cooperation.

The minister noted that one of the priority areas for Kyrgyzstan is the development of a green economy and sustainable agriculture.

“One of the tools for green...

27.01.2023

Garbage sorting line launches in Saruu village of Issyk-Kul region

The Ministry of Natural Resources, Ecology and Natural Resources has launched a workshop for the separate collection of waste in the Issyk-Kul region. The waste sorting line is located and operates in Saruu village. This was reported by the press service of the department.

According to her, the goal of the...

The Ministry of Natural Resources, Ecology and Natural Resources has launched a workshop for the separate collection of waste in the Issyk-Kul region. The waste sorting line is located and operates in Saruu village. This was reported by the press service of the department.

According to her, the goal of the...

27.01.2023

Second waste sorting point launches in capital of Kyrgyzstan

The second waste sorting point has been launched in Bishkek. This was reported by the press service of the mayor's office.

According to her, it is located on Kerimbekov Street near the Bishkek Park shopping centre.

“A special eco-site for primary sorting of waste was built taking into account national and international...

The second waste sorting point has been launched in Bishkek. This was reported by the press service of the mayor's office.

According to her, it is located on Kerimbekov Street near the Bishkek Park shopping centre.

“A special eco-site for primary sorting of waste was built taking into account national and international...

27.01.2023

Eight Uzbek trading houses to be opened in Kyrgyzstan to establish trade in leather, footwear and fur products

President of the Republic of Uzbekistan Shavkat Mirziyoyev, at the invitation of the President of the Kyrgyz Republic Sadir Japarov, is on a state visit to this country on 26-27 January. Prior to higher-level meetings, a business forum Kyrgyzstan-Uzbekistan was held with the participation of representatives of the business circles...

President of the Republic of Uzbekistan Shavkat Mirziyoyev, at the invitation of the President of the Kyrgyz Republic Sadir Japarov, is on a state visit to this country on 26-27 January. Prior to higher-level meetings, a business forum Kyrgyzstan-Uzbekistan was held with the participation of representatives of the business circles...

Oil and Gas Sector

27.01.2023

Brent crawls up within $86-87/b range

Oil prices rose 1% on Thursday on expectations that demand will strengthen as top oil importer China reopens its economy and on news U.S. crude inventories have risen less than expected.

Brent crude futures rose 78 cents, or 0.9%, to $86.90 a barrel by 1046 GMT. U.S. West Texas Intermediate (WTI)...

Oil prices rose 1% on Thursday on expectations that demand will strengthen as top oil importer China reopens its economy and on news U.S. crude inventories have risen less than expected.

Brent crude futures rose 78 cents, or 0.9%, to $86.90 a barrel by 1046 GMT. U.S. West Texas Intermediate (WTI)...

27.01.2023

Norwegian supply slump pulls natural gas benchmarks down

British and Dutch wholesale gas prices gained ground on Thursday morning due to a drop in Norwegian gas flows and higher demand from the power sector.

The British within-day contract rose by 6.00 pence to 150.00 p/therm by 0937 GMT, while the day-ahead contract was up 4.00 pence at 152.00 p/therm,...

British and Dutch wholesale gas prices gained ground on Thursday morning due to a drop in Norwegian gas flows and higher demand from the power sector.

The British within-day contract rose by 6.00 pence to 150.00 p/therm by 0937 GMT, while the day-ahead contract was up 4.00 pence at 152.00 p/therm,...

Communications and Transportation

27.01.2023

Construction of Uzbekistan-Kyrgyzstan-China railway may begin in Q4 2023

The construction of the Uzbekistan-China-Kyrgyzstan railway is expected to start in late 2023 or early next year. President of the Kyrgyz Chamber of Commerce and Industry, Temir Sariyev, announced this at the business forum held in Bishkek.

“As for the China-Kyrgyzstan-Uzbekistan railway construction project, it is very promising. For a long...

The construction of the Uzbekistan-China-Kyrgyzstan railway is expected to start in late 2023 or early next year. President of the Kyrgyz Chamber of Commerce and Industry, Temir Sariyev, announced this at the business forum held in Bishkek.

“As for the China-Kyrgyzstan-Uzbekistan railway construction project, it is very promising. For a long...

Regional News

27.01.2023

Russian stock market posts growth, gold miners back in lead

The Russian market opened trading on Thursday, January 26, with an increase in key indicators. The Moscow Exchange index in the first minutes of the main session rose by 0.55% to 2,182 points, the RTS index rose by 0.41% to 991.03 points.

Leading shares are gold miners Polymetal (+2.08%), Seligdar (+1.66%),...

The Russian market opened trading on Thursday, January 26, with an increase in key indicators. The Moscow Exchange index in the first minutes of the main session rose by 0.55% to 2,182 points, the RTS index rose by 0.41% to 991.03 points.

Leading shares are gold miners Polymetal (+2.08%), Seligdar (+1.66%),...

27.01.2023

Transportation sector leads in terms of growth rates among industry indicators of Moscow Exchange

Russia’s Transportation Index has grown by almost 9% since the beginning of 2023, leading in terms of growth rates among other industry indices of the Moscow Exchange.

Globaltrans has the highest weight in the formula for calculating the index value (share of 27%), whose receipts have risen in price by 10%...

Russia’s Transportation Index has grown by almost 9% since the beginning of 2023, leading in terms of growth rates among other industry indices of the Moscow Exchange.

Globaltrans has the highest weight in the formula for calculating the index value (share of 27%), whose receipts have risen in price by 10%...

27.01.2023

Russian lumber exports down 20.8% in 2022

The volume of exports of sawn timber (board, timber, veneer) from Russia in 2022 decreased by 20.8% and amounted to 23.328 million cubic metres, calculated in the Federal State Budgetary Institution Roslesinforg.

"In monetary terms, according to preliminary estimates, we can expect an increase in profits from export deliveries due to...

The volume of exports of sawn timber (board, timber, veneer) from Russia in 2022 decreased by 20.8% and amounted to 23.328 million cubic metres, calculated in the Federal State Budgetary Institution Roslesinforg.

"In monetary terms, according to preliminary estimates, we can expect an increase in profits from export deliveries due to...

27.01.2023

Russian currency, equity bloom following momentary slump

The Russian rouble recovered from one-week low as tax payments loomed on Thursday. By 1236 GMT, the rouble was 0.4% stronger against the dollar at 69.02, having earlier hit 69.73, its weakest point since Jan. 18.

It had pared losses to gain 0.3% to trade at 75.18 versus the euro and...

The Russian rouble recovered from one-week low as tax payments loomed on Thursday. By 1236 GMT, the rouble was 0.4% stronger against the dollar at 69.02, having earlier hit 69.73, its weakest point since Jan. 18.

It had pared losses to gain 0.3% to trade at 75.18 versus the euro and...

27.01.2023

China's economic growth expected to accelerate to 4.8% in 2023

World output growth is projected to decelerate from an estimated 3.0 percent in 2022 to 1.9 percent in 2023, while China's economic growth is forecast to accelerate to 4.8 percent this year, according to a UN report launched on Wednesday.

Amid high inflation, aggressive monetary tightening and heightened uncertainties, the current...

World output growth is projected to decelerate from an estimated 3.0 percent in 2022 to 1.9 percent in 2023, while China's economic growth is forecast to accelerate to 4.8 percent this year, according to a UN report launched on Wednesday.

Amid high inflation, aggressive monetary tightening and heightened uncertainties, the current...