Tag Archives: business

Pakistan offers Uzbekistan access to its ports

MARCH 11 (The Bulletin) — On a two day visit to Pakistan, Uzbek foreign minister Abdulaziz Kamilov talked up the potential of Pakistan’s ports at Karachi and Gwadar as “gateways to Central Asia”. The landlocked Central Asian republics are continually looking for ways to get access to the sea. The ports at Karachi and Gwadar are being upgraded by China as part of its Belt and Road Initiative. Sending goods through them would give Central Asian manufacturers direct access to the Indian Ocean.

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— This story was published in issue 475 of the Central Asia & South Caucasus Bulletin, on March 15 2021

— Copyright the Central Asia & South Caucasus Bulletin 2021

Georgian government support for banks can no longer be relied upon -Fitch

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MARCH 11 (The Bulletin) — In a report on government support for banks in Emerging Markets, Fitch the ratings agency said that Georgia could “no longer be relied upon” to prop up its banks because of legislation that it introduced in Jan. 2021. Georgia introduced bail-in legislation that forces creditors and bondholders of banks to accept more risk.

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— This story was published in issue 475 of the Central Asia & South Caucasus Bulletin, on March 15 2021

— Copyright the Central Asia & South Caucasus Bulletin 2021

Azerbaijan’s daily oil production will increase -EIA

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MARCH 11 (The Bulletin) — The US Energy Information Agency (EIA) increased its forecast for Azerbaijan’s oil production to 770,000 barrels per day (bpd) in 2021, up 40,000bpd from an earlier forecast. The increase is linked to a relaxation of oil production limits that the Saudi-led oil cartel OPEC and its FSU supporters, Russia, Kazakhstan and Azerbaijan, introduced last month. Limits had been imposed to push up oil prices. In 2020, during the oil production limits, Azerbaijan had produced 710,000bpd. Oil revenues form the backbone of Azerbaijan’s economy.

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— This story was published in issue 475 of the Central Asia & South Caucasus Bulletin, on March 15 2021

— Copyright the Central Asia & South Caucasus Bulletin 2021

Uzbekistan rail company denies that Tashkent retreat was built for president

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MARCH 10 (The Bulletin) — Uzbekistan’s state railway company released a video that claimed that a luxury retreat built in hills outside Tashkent is for its employees and not for Uzbek Pres. Shavkat Mirziyoyev. The video is a response to a report released by Radio Free Europe/Radio Liberty which said that the complex had been built as a palace for Mr Mirziyoyev and that Uzbek Railways have been used to shield its real use.

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— This story was published in issue 475 of the Central Asia & South Caucasus Bulletin, on March 15 2021

— Copyright the Central Asia & South Caucasus Bulletin 2021

Azerbaijan promises construction projects to Israeli companies

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BAKU/MARCH 9 (The Bulletin) — Azerbaijan’s government has promised Israeli companies contracts to rebuild Nagorno-Karabakh, the region that it took control of last year after a six-week war with Armenia.

Israeli military advice and technology were critical for helping Azerbaijan defeat a well-dug in Armenian army that had held Nagorno-Karabakh since the early 1990s, and analysts said that the contracts were effectively payback for this help.

Media quoted Ibrahim Khazar, Azerbaijan’s ambassador to Turkey, as saying that the construction work would concentrate on restoring the region’s “historical and authentic heritage”. He also said that Israeli companies had offered to “rehabilitate” the region.

Analysts have said that rebuilding Nagorno-Karabakh will give Azerbaijan’s construction sector a boost.

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— This story was published in issue 475 of the Central Asia & South Caucasus Bulletin, on March 15 2021

— Copyright the Central Asia & South Caucasus Bulletin 2021

Turkey and Uzbekistan agree to strengthen bilateral business relations

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MARCH 9 (The Bulletin) — Turkey and Uzbekistan agreed a deal to strengthen bilateral relations, especially business and economic relations. At a press conference in Tashkent, the Turkish foreign minister, Mevlut Cavusoglu, said Turkey-Uzbekistan relations had great potential and that they would sign a free trade agreement in the “upcoming period”. Turkey sees itself as a force in Central Asia and the South Caucasus and wants to boost its presence and influence.

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— This story was published in issue 475 of the Central Asia & South Caucasus Bulletin, on March 15 2021

— Copyright the Central Asia & South Caucasus Bulletin 2021

Marks & Spencer says to set up retail websites for Uzbekistan and Kyrgyzstan

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MARCH 9 (The Bulletin) — British retailer Marks & Spencer said that it was launching websites in 46 new markets to sell its clothes, including in Uzbekistan and Kyrgyzstan. The expansion is part of a plan by Marks & Spencer to wring more value out of its brand from international markets. By opening websites targeting consumers in Kyrgyzstan and Uzbekistan, Marks & Spencer is acknowledging that both markets have matured. Marks & Spencer has operated shops in Baku and Almaty since 2014 and 2012.

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— This story was published in issue 475 of the Central Asia & South Caucasus Bulletin, on March 15 2021

— Copyright the Central Asia & South Caucasus Bulletin 2021

Azerbaijan nears completion of hazelnut processing plant

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MARCH 7 (The Bulletin) — Azerbaijan has nearly finished constructing a hazelnut processing plant that will help it boost exports, as Azerbaijani President Ilham Aliyev ordered in 2017, media reported. The processing plant will create 150 jobs and will be able to process 7,000 tonnes of hazelnuts per year. Azerbaijan has been trying to boost non-oil exports.

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— This story was published in issue 475 of the Central Asia & South Caucasus Bulletin, on March 15 2021

— Copyright the Central Asia & South Caucasus Bulletin 2021

Uzekistan to set up electric scooter production site

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MARCH 5 2021 (The Bulletin) — Uzbekistan will set up a factory producing electric scooters, media reported. Details were scant but reports said that the scooters would be built at a factory in the Kokand special economic zone and that the unnamed business hoped to produce 4,500 annually, rising to 23,500 by the end of 2022.

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— This story was published in issue 474 of the Central Asia & South Caucasus Bulletin, on March 5 2021

— Copyright the Central Asia & South Caucasus Bulletin 2021

Belarussia’s MAZ to set up assembly plant in Uzbekistan

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MARCH 5 (The Bulletin) — Uzbek and Belorussian officials agreed a deal for MAZ, the state-owned Belorussian lorry and bus producer, to set up an assembly plant in Uzbekistan. Since the death of former president Islam Karimov in 2016, Uzbekistan tried to rival Kazakhstan as a base for car and vehicle manufacturing in Central Asia.

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— This story was published in issue 475 of the Central Asia & South Caucasus Bulletin, on March 15 2021