This week, key topics were discussed in the areas of economic policy, tourism business, and energy. In this weekly summary, Spot has gathered the most important articles and news that you might have missed.
Economy
On December 16, Shavkat Mirziyoyev held a meeting on poverty reduction in mahallas with the participation of the banking sector. The President announced the allocation of loans up to 300 million sums to participants in family entrepreneurship programs and instructed banks to attract up to $1 billion from foreign organizations for lending.
The head of state also tasked the creation of venture funds at state banks to provide investments for startups. A new lending procedure for bank clients with a "medium" rating will be introduced, taking into account payments for taxes and utilities. Furthermore, the president approved the introduction of "mahalla bankers."
On December 20, Mirziyoyev held another meeting on issues related to supporting entrepreneurship and plans in this area for 2025. The following topics were discussed:
- banks will attract $6 billion from abroad for business loans;
- Uzbekistan's accession to the WTO is reaching its final stage;
- the excise tax on mobile communications will be abolished, and benefits for IT Park and private schools will be extended;
- Uzbekistan's GDP is planned to increase to $120 billion;
- a center for assistance in accessing international financial markets will be opened;
- Uzbekistan's mineral reserves are estimated at $1 trillion, and fruit and vegetable plantations for export will be created in the regions;
- the airports of Bukhara and Namangan will be transferred to private management;
- the development of a new Customs Code project and the introduction of new benefits for technology companies has been commissioned.
On the day before, on December 19, Deputy Prime Minister Jamshid Khojaev and U.S. Trade Representative Katherine Tai signed a protocol on the completion of negotiations regarding Uzbekistan's accession to the WTO. The document marks the achievement of agreements on mutual access to markets.
Tourism Business
Azerbaijani businessman Emin Agalarov presented a project for a tourist center called Sea Breeze on the shores of the Charvak Reservoir to the President on December 16. It is planned to create a recreation area, beaches, hotels, cottages, residential complexes, restaurants, and stores of international brands.
"Here, people will be able to live and relax throughout the year, as well as purchase real estate and rent it out. A school, water park, and recreational parks will be built for children. Opportunities for water and winter sports will be created. Musical festivals are also planned," the businessman stated to the O’zbekiston 24 channel.
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According to the renderings, the tourist center will be located on both banks of the reservoir, which will be connected by a bridge at least 1 km long. A walnut grove, villas, and a golf course are also planned nearby. The total area of the complex will be 500−700 hectares, and the estimated cost is $10 billion.
In Beldersay, the company Ulkan Mulk plans to build a new mountain and wellness tourism complex for $4.5 million, featuring a 5-star hotel and a 2.5 km cable car. Work is currently underway to dismantle old buildings.
Additionally, the president signed a decree to establish three tourist-recreational centers in the Surkhandarya region named "Obikhayot," "Omokhona," and "Sangardak." Their total area will be 945 hectares.
Energy
Deputy Prime Minister, Minister of Economy and Finance Jamshid Kuchkarov announced plans to reduce budget subsidies for electricity and gas by 2027 and to completely eliminate them by 2028. Prior to this, it was necessary to ensure an increase in the population's income to raise tariffs, he stated.
"Firstly, tariffs have not yet reached the level of full cost coverage. Secondly, this is due to the fact that we import a certain portion of gas. In this regard, we have no other option but to raise tariffs to the level of self-sufficiency," Kuchkarov explained the retention of subsidies.
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He also discussed plans to raise heating tariffs in Tashkent twice, adding that "this is not enough to cover the tariffs." The Deputy Prime Minister noted the obsolescence of boiler houses and heating networks, as well as their low efficiency and high energy consumption.
A number of companies in the electric vehicle charging sector reported mass forced shutdowns, for which they were not warned in advance. One company also received a letter demanding the dismantling of charging stations from the parking lots of cafes, restaurants, and business centers. The press secretary of the Ministry of Energy, Hasan Tashkhodjaev, stated to Spot that no restrictions had been imposed by the ministry.
Other News
On December 17, a new auction was held for the right to organize paid parking on the streets of Tashkent. The winner of the bidding was the company Streetpark Systems with a bid of around 63 billion sums. The contract with the company Balcomuz, which proposed 120 billion sums in November, has not yet been signed.
NAPP approved the fee amounts for licensing service providers in the field of crypto-assets. The amount for a mining pool will be 1.125 billion sums, and for a cryptocurrency exchange, it will be 27.525 billion sums. The agency described these as "barriers to the penetration of fraudulent projects."
The government of Kyrgyzstan and the project railway company "China-Kyrgyzstan-Uzbekistan" signed an investment agreement. The official start of construction work on the long-discussed railway line is set for December 27.
Articles of the Week
Spot has prepared a selection of significant changes for businesses that are set to come into effect in 2025. Among them:
- easing sanctions for conducting business without registration as an individual entrepreneur;
- the procedure for assigning conditional codes for goods by customs;
- reduced tax rates and a partial VAT refund for catering enterprises;
- the possibility of direct connection to external internet channels for mobile network operators;
- the launch of a Unified Electronic Population Register.
One of the most notable innovations will be the legalization of gambling, lotteries, and betting activities. Spot published a chronicle of the policy shift in this area from a complete ban to permission.
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The founder of the international confectionery chain Happy Cake, Askat Soltanov, told Spot about how his company was created and how its IT platform was developed. Franchisees of the chain also shared information about the operation of the branch in Uzbekistan and their impressions of conducting business.
The head of the Ministry of Internal Affairs' Cybersecurity Center, Bekhzod Mamadjanov, informed Spot about the measures being taken to combat fraud, the schemes of cybercrimes that have spread this year, and what victims of fraud should do.