ECOCCI

ECOCCI

uzbekistan

Development of the economy of Uzbekistan in the first half of 2021

Despite the ongoing pandemic in the world, the economy of Uzbekistan has reached record growth rates. According to the State Statistics Committee of the Republic of Uzbekistan, the gross domestic product for the first six months of this year increased by 6.2%. For comparison: over the same period last year, due to the pandemic and lockdowns, the economy grew by only 1.1%, and in the first three months of 2021 - 3%.

At the same time, it should be noted that Uzbekistan’s main trade partners’ economy is stabilizing at the end of the six months and returning to the growth trajectory. Thus, Kazakhstan's GDP increased by 2.2%, against the decline for the same period last year by 1.8%. The Kyrgyz economy is gradually decreasing, in January-June, the rate of decline slowed to 1.7% against 5.6% in the first half of 2020. China maintains dynamic growth this year, where a 12.7% increase in GDP is recorded in the first half year. In Russia, GDP grew by 3.7% during January-May.

In Uzbekistan, inflation in the consumer sector continues to slow, despite serious price hikes for certain commodities such as carrots and vegetable oil. According to the results of six months, prices increased by 4.4% while in 2020 over the same period - by 4.6%. By May 2021, prices decreased by 0.2% due to seasonality. The largest increase in prices is noted for food products - by 5.7% (in the first half of 2020 - 6.2%). The rise in prices for non-food products is also slowing down - 3% against 3.6% in January-June 2020.

The inflow of investment in the first quarter of this year has shown positive dynamics. Investment in fixed assets rose by 5.9% against a decline of almost 10% in the same period last year. Investments from the budget decreased by 8.5%. Investments and loans attracted under the guarantee of the government decreased by more than 36%, and their share in the total volume of investments fell to 8.9%. The inflow of investments from non-centralized sources has noticeably increased - by 14.9%. Investments at the expense of the population and own funds of enterprises increased insignificantly - by 4.4% and 4.7%, respectively. A significant inflow of investments is due to the growth of attracted loans from commercial banks, foreign direct investment and credit funds from abroad.

The positive dynamics of production is noted in all sectors of the economy. The main drivers are industry and the service sector.

The industrial sector in January-June demonstrates high growth rates - 8.5% against a decline of 0.3% over the same period last year. The mining industry grew by 7.5% (a decline of 18% in January-June 2020), the manufacturing industry - by 8.6% (4.9%), electricity, gas and air conditioning - by 12.1% (8.4%). The production of consumer goods increased by 7.7% against the growth of 1.2% in the same period last year, with the outstripping dynamics in the production of food products.

The service sector, such as tourism, catering and accommodation, demonstrates impressive dynamics - an increase of 18.3% in the first half of the year versus an increase of 2.6% in January-June 2020. The transport sector is actively recovering after last year's decline: freight turnover increased by 14.1%, passenger turnover by 4.1%. Retail trade in the period under review increased by 9%.

A slowdown in relative to last year is noted in agriculture to 1.8% versus 2.8%, which is due to difficult weather conditions this year and lack of water. The growth rates of the construction sector also slowed down to 0.1% against 7.1% in the first half of 2020.

Foreign trade also managed to overcome the recession. In the first half of this year, sales grew 13.6% to $18 billion. In the same period last year, there was a significant decline of 18%. During the period under review, exports grew by 12% to $7.1 billion and imports by 14.4% to $11 billion. In the second quarter, Uzbekistan sold gold abroad against the background of positive price conditions on the world market. However, it should be noted that in the first six months the volume of exports without gold increased by 36.4% and reached 5.7 billion dollars.

In the structure of exports, the volume of food supplies to foreign countries increased by 6.3%, chemicals by 18.6%, industrial products by 74.4% (mainly textiles, non-ferrous metals), machinery and transport equipment doubled.

At the same time, there is an increase in imports of food products by 46.2%, industrial products by 29.1% (mainly metallurgical products), chemical products by 17%. Imports of machinery and equipment with the largest volume increased by 1.4%.

Thus, according to the results of the half-year, the economy of Uzbekistan is actively overcoming the consequences of the crisis and reaching the dynamics ahead of the pre-crisis indicators.

Ruslan Abaturov,

Center for Economic Research and Reforms

Source: Embassy of the Republic of Uzbekistan Tehran

Irans Exports to Caspian Sea Littoral States Exceeds 320mln in 3 Months

Iran's Exports to Caspian Sea Littoral States Exceeds $320mln in 3 Months


2021-July-26

TEHRAN (FNA)- Spokesman for the Islamic Republic of Iran Customs Administration (IRICA) Seyed Rouhollah Latifi put the country’s value of products exported to the Caspian Sea littoral states in the first three months of the current year (started March 21, 2021) at $329 million.

"Over 1,024,000 tons of non-oil products, valued at $328,917,000, were exported to the four Caspian Sea littoral states of Russia, Azerbaijan, Turkmenistan and Kazakhstan in the first quarter of the current Iranian calendar year (from March 21 to June 21)," Latifi said.

Referring to the volume of products imported from these four countries into the Iran, Latifi said that 579,000 tons of non-oil products, valued at $353 million, were imported into the country from Russia, Azerbaijan, Turkmenistan and Kazakhstan in the same period.

In relevant remarks in mid-July, Iran's Deputy Foreign Minister for Economic Diplomacy Seyed Rasoul Mohajer called for the expansion of cooperation among countries of the region in economy and trade fields.

"There are many cultural and civilizational commonalities in the region that have led to historical cohesion among nations  and the requirements of the modern world require us to recreate this valuable heritage at all political, economic, commercial and cultural-human levels," Mohajer said while addressing the International Conference on Regional Connectivity of Central and South Asia in Uzbekistan.

He pointed to the intra-regional trade and the expansion of transportation and the development of transport infrastructure as elements of developing relations between the countries of the region, and highlighted the advantages of the Islamic Republic of Iran in connecting the two regions of Central Asia and South Asia to each other.

Mohajer called for cooperation by the landlocked countries and regional transit countries such as Pakistan and Turkey in the form of ECO transport corridors.

He also urged implementation of the projects related to the North-South corridors, TRACECA, Persian Gulf-Black Sea, as well as the Rasht-Astara-Azerbaijan railway and the Shalamcheh-Basra railway.

The International Conference “Central and South Asia: Regional Connectivity, Challenges and Opportunities" was held at the initiative of the President of the Republic of Uzbekistan Shavkat Mirziyoyev in Tashkent.

The forum was aimed at strengthening historically close and friendly ties, trust and good-neighborliness between Central and South Asia in the interests of all peoples and countries of both regions.

Source: https://www.farsnews.ir/en/news/14000504000245/Iran's-Exprs-Caspian-Sea-Liral-Saes-Exceeds-$320mln-in-3-Mnhs

Irans Exports to Caspian Sea Littoral States Exceeds 320mln in 3 Months

Iran's Exports to Caspian Sea Littoral States Exceeds $320mln in 3 Months


2021-July-26

TEHRAN (FNA)- Spokesman for the Islamic Republic of Iran Customs Administration (IRICA) Seyed Rouhollah Latifi put the country’s value of products exported to the Caspian Sea littoral states in the first three months of the current year (started March 21, 2021) at $329 million.

"Over 1,024,000 tons of non-oil products, valued at $328,917,000, were exported to the four Caspian Sea littoral states of Russia, Azerbaijan, Turkmenistan and Kazakhstan in the first quarter of the current Iranian calendar year (from March 21 to June 21)," Latifi said.

Referring to the volume of products imported from these four countries into the Iran, Latifi said that 579,000 tons of non-oil products, valued at $353 million, were imported into the country from Russia, Azerbaijan, Turkmenistan and Kazakhstan in the same period.

In relevant remarks in mid-July, Iran's Deputy Foreign Minister for Economic Diplomacy Seyed Rasoul Mohajer called for the expansion of cooperation among countries of the region in economy and trade fields.

"There are many cultural and civilizational commonalities in the region that have led to historical cohesion among nations  and the requirements of the modern world require us to recreate this valuable heritage at all political, economic, commercial and cultural-human levels," Mohajer said while addressing the International Conference on Regional Connectivity of Central and South Asia in Uzbekistan.

He pointed to the intra-regional trade and the expansion of transportation and the development of transport infrastructure as elements of developing relations between the countries of the region, and highlighted the advantages of the Islamic Republic of Iran in connecting the two regions of Central Asia and South Asia to each other.

Mohajer called for cooperation by the landlocked countries and regional transit countries such as Pakistan and Turkey in the form of ECO transport corridors.

He also urged implementation of the projects related to the North-South corridors, TRACECA, Persian Gulf-Black Sea, as well as the Rasht-Astara-Azerbaijan railway and the Shalamcheh-Basra railway.

The International Conference “Central and South Asia: Regional Connectivity, Challenges and Opportunities" was held at the initiative of the President of the Republic of Uzbekistan Shavkat Mirziyoyev in Tashkent.

The forum was aimed at strengthening historically close and friendly ties, trust and good-neighborliness between Central and South Asia in the interests of all peoples and countries of both regions.

Source: https://www.farsnews.ir/en/news/14000504000245/Iran's-Exprs-Caspian-Sea-Liral-Saes-Exceeds-$320mln-in-3-Mnhs

Irans Exports to Caspian Sea Littoral States Exceeds 320mln in 3 Months

Iran's Exports to Caspian Sea Littoral States Exceeds $320mln in 3 Months


2021-July-26

TEHRAN (FNA)- Spokesman for the Islamic Republic of Iran Customs Administration (IRICA) Seyed Rouhollah Latifi put the country’s value of products exported to the Caspian Sea littoral states in the first three months of the current year (started March 21, 2021) at $329 million.

"Over 1,024,000 tons of non-oil products, valued at $328,917,000, were exported to the four Caspian Sea littoral states of Russia, Azerbaijan, Turkmenistan and Kazakhstan in the first quarter of the current Iranian calendar year (from March 21 to June 21)," Latifi said.

Referring to the volume of products imported from these four countries into the Iran, Latifi said that 579,000 tons of non-oil products, valued at $353 million, were imported into the country from Russia, Azerbaijan, Turkmenistan and Kazakhstan in the same period.

In relevant remarks in mid-July, Iran's Deputy Foreign Minister for Economic Diplomacy Seyed Rasoul Mohajer called for the expansion of cooperation among countries of the region in economy and trade fields.

"There are many cultural and civilizational commonalities in the region that have led to historical cohesion among nations  and the requirements of the modern world require us to recreate this valuable heritage at all political, economic, commercial and cultural-human levels," Mohajer said while addressing the International Conference on Regional Connectivity of Central and South Asia in Uzbekistan.

He pointed to the intra-regional trade and the expansion of transportation and the development of transport infrastructure as elements of developing relations between the countries of the region, and highlighted the advantages of the Islamic Republic of Iran in connecting the two regions of Central Asia and South Asia to each other.

Mohajer called for cooperation by the landlocked countries and regional transit countries such as Pakistan and Turkey in the form of ECO transport corridors.

He also urged implementation of the projects related to the North-South corridors, TRACECA, Persian Gulf-Black Sea, as well as the Rasht-Astara-Azerbaijan railway and the Shalamcheh-Basra railway.

The International Conference “Central and South Asia: Regional Connectivity, Challenges and Opportunities" was held at the initiative of the President of the Republic of Uzbekistan Shavkat Mirziyoyev in Tashkent.

The forum was aimed at strengthening historically close and friendly ties, trust and good-neighborliness between Central and South Asia in the interests of all peoples and countries of both regions.

Source: https://www.farsnews.ir/en/news/14000504000245/Iran's-Exprs-Caspian-Sea-Liral-Saes-Exceeds-$320mln-in-3-Mnhs

Irans Exports to Caspian Sea Littoral States Exceeds 320mln in 3 Months

Iran's Exports to Caspian Sea Littoral States Exceeds $320mln in 3 Months


2021-July-26

TEHRAN (FNA)- Spokesman for the Islamic Republic of Iran Customs Administration (IRICA) Seyed Rouhollah Latifi put the country’s value of products exported to the Caspian Sea littoral states in the first three months of the current year (started March 21, 2021) at $329 million.

"Over 1,024,000 tons of non-oil products, valued at $328,917,000, were exported to the four Caspian Sea littoral states of Russia, Azerbaijan, Turkmenistan and Kazakhstan in the first quarter of the current Iranian calendar year (from March 21 to June 21)," Latifi said.

Referring to the volume of products imported from these four countries into the Iran, Latifi said that 579,000 tons of non-oil products, valued at $353 million, were imported into the country from Russia, Azerbaijan, Turkmenistan and Kazakhstan in the same period.

In relevant remarks in mid-July, Iran's Deputy Foreign Minister for Economic Diplomacy Seyed Rasoul Mohajer called for the expansion of cooperation among countries of the region in economy and trade fields.

"There are many cultural and civilizational commonalities in the region that have led to historical cohesion among nations  and the requirements of the modern world require us to recreate this valuable heritage at all political, economic, commercial and cultural-human levels," Mohajer said while addressing the International Conference on Regional Connectivity of Central and South Asia in Uzbekistan.

He pointed to the intra-regional trade and the expansion of transportation and the development of transport infrastructure as elements of developing relations between the countries of the region, and highlighted the advantages of the Islamic Republic of Iran in connecting the two regions of Central Asia and South Asia to each other.

Mohajer called for cooperation by the landlocked countries and regional transit countries such as Pakistan and Turkey in the form of ECO transport corridors.

He also urged implementation of the projects related to the North-South corridors, TRACECA, Persian Gulf-Black Sea, as well as the Rasht-Astara-Azerbaijan railway and the Shalamcheh-Basra railway.

The International Conference “Central and South Asia: Regional Connectivity, Challenges and Opportunities" was held at the initiative of the President of the Republic of Uzbekistan Shavkat Mirziyoyev in Tashkent.

The forum was aimed at strengthening historically close and friendly ties, trust and good-neighborliness between Central and South Asia in the interests of all peoples and countries of both regions.

Source: https://www.farsnews.ir/en/news/14000504000245/Iran's-Exprs-Caspian-Sea-Liral-Saes-Exceeds-$320mln-in-3-Mnhs

Irans Exports to Caspian Sea Littoral States Exceeds 320mln in 3 Months

Iran's Exports to Caspian Sea Littoral States Exceeds $320mln in 3 Months


2021-July-26

TEHRAN (FNA)- Spokesman for the Islamic Republic of Iran Customs Administration (IRICA) Seyed Rouhollah Latifi put the country’s value of products exported to the Caspian Sea littoral states in the first three months of the current year (started March 21, 2021) at $329 million.

"Over 1,024,000 tons of non-oil products, valued at $328,917,000, were exported to the four Caspian Sea littoral states of Russia, Azerbaijan, Turkmenistan and Kazakhstan in the first quarter of the current Iranian calendar year (from March 21 to June 21)," Latifi said.

Referring to the volume of products imported from these four countries into the Iran, Latifi said that 579,000 tons of non-oil products, valued at $353 million, were imported into the country from Russia, Azerbaijan, Turkmenistan and Kazakhstan in the same period.

In relevant remarks in mid-July, Iran's Deputy Foreign Minister for Economic Diplomacy Seyed Rasoul Mohajer called for the expansion of cooperation among countries of the region in economy and trade fields.

"There are many cultural and civilizational commonalities in the region that have led to historical cohesion among nations  and the requirements of the modern world require us to recreate this valuable heritage at all political, economic, commercial and cultural-human levels," Mohajer said while addressing the International Conference on Regional Connectivity of Central and South Asia in Uzbekistan.

He pointed to the intra-regional trade and the expansion of transportation and the development of transport infrastructure as elements of developing relations between the countries of the region, and highlighted the advantages of the Islamic Republic of Iran in connecting the two regions of Central Asia and South Asia to each other.

Mohajer called for cooperation by the landlocked countries and regional transit countries such as Pakistan and Turkey in the form of ECO transport corridors.

He also urged implementation of the projects related to the North-South corridors, TRACECA, Persian Gulf-Black Sea, as well as the Rasht-Astara-Azerbaijan railway and the Shalamcheh-Basra railway.

The International Conference “Central and South Asia: Regional Connectivity, Challenges and Opportunities" was held at the initiative of the President of the Republic of Uzbekistan Shavkat Mirziyoyev in Tashkent.

The forum was aimed at strengthening historically close and friendly ties, trust and good-neighborliness between Central and South Asia in the interests of all peoples and countries of both regions.

Source: https://www.farsnews.ir/en/news/14000504000245/Iran's-Exprs-Caspian-Sea-Liral-Saes-Exceeds-$320mln-in-3-Mnhs

Envoy Iran Azerbaijan to Broaden Cooperation in Bus Manufacturing

Envoy: Iran, Azerbaijan to Broaden Cooperation in Bus Manufacturing

2021-July-16

TEHRAN (FNA)- Iranian Ambassador to Baku Seyed Abbas Mousavi announced that Iran and Azerbaijan are determined to expand their cooperation in the field of auto, bus and tractor manufacturing.

"The production of buses and tractors will soon be on the agenda of two neighboring Muslim countries, Iran and Azerbaijan," Mousavi tweeted.  

Mousavi published a picture of Azerbaijani President Elham Aliyev driving an Iranian car.

 In a relevant development in late March, Mousavi underlined the need for increasing trade relations between Iran and Azerbaijan, saying that "there is no limit for expansion of bilateral ties between the two neighboring states".

Mousavi said that "there is no obstacle for development of relations between Iran and Azerbaijan".

Both countries' determination is to further bilateral ties, he said in a meeting between officials of Iran's Chamber of Commerce, Industries, Mines and Agriculture and Azerbaijan Export and Investment Promotion Foundation (AZPROMO).

The ambassador called for enhanced trade ties with the Azeri Republic.

He noted that 20 percent of Azeri lands have been liberated from occupation, calling for symbolic 20 percent growth to economic cooperation between Tehran and Baku.

Azerbaijan is ready to host Iranian companies and private sectors, Mousavi underlined.

Also in early March, Iran’s Minister of Industry, Mine and Trade Alireza Razm Hosseini announced his ministry’s preparedness to establish a joint industrial town with Azerbaijan Republic in Ardabil province.

Razm-Hosseini said that launching a joint industrial park with the Republic of Azerbaijan is possible in cooperation with the two neighboring provinces at the border.

“After making the preliminaries and necessary agreements, the two sides will start investing jointly on this giant project,” he added.

Source: https://www.farsnews.ir/en/news/14000425000388/Envy-Iran-Azerbaijan-Braden-Cperain-in-Bs-Manfacring

Envoy Iran Azerbaijan to Broaden Cooperation in Bus Manufacturing

Envoy: Iran, Azerbaijan to Broaden Cooperation in Bus Manufacturing

2021-July-16

TEHRAN (FNA)- Iranian Ambassador to Baku Seyed Abbas Mousavi announced that Iran and Azerbaijan are determined to expand their cooperation in the field of auto, bus and tractor manufacturing.

"The production of buses and tractors will soon be on the agenda of two neighboring Muslim countries, Iran and Azerbaijan," Mousavi tweeted.  

Mousavi published a picture of Azerbaijani President Elham Aliyev driving an Iranian car.

 In a relevant development in late March, Mousavi underlined the need for increasing trade relations between Iran and Azerbaijan, saying that "there is no limit for expansion of bilateral ties between the two neighboring states".

Mousavi said that "there is no obstacle for development of relations between Iran and Azerbaijan".

Both countries' determination is to further bilateral ties, he said in a meeting between officials of Iran's Chamber of Commerce, Industries, Mines and Agriculture and Azerbaijan Export and Investment Promotion Foundation (AZPROMO).

The ambassador called for enhanced trade ties with the Azeri Republic.

He noted that 20 percent of Azeri lands have been liberated from occupation, calling for symbolic 20 percent growth to economic cooperation between Tehran and Baku.

Azerbaijan is ready to host Iranian companies and private sectors, Mousavi underlined.

Also in early March, Iran’s Minister of Industry, Mine and Trade Alireza Razm Hosseini announced his ministry’s preparedness to establish a joint industrial town with Azerbaijan Republic in Ardabil province.

Razm-Hosseini said that launching a joint industrial park with the Republic of Azerbaijan is possible in cooperation with the two neighboring provinces at the border.

“After making the preliminaries and necessary agreements, the two sides will start investing jointly on this giant project,” he added.

Source: https://www.farsnews.ir/en/news/14000425000388/Envy-Iran-Azerbaijan-Braden-Cperain-in-Bs-Manfacring

Envoy Iran Azerbaijan to Broaden Cooperation in Bus Manufacturing

Envoy: Iran, Azerbaijan to Broaden Cooperation in Bus Manufacturing

2021-July-16

TEHRAN (FNA)- Iranian Ambassador to Baku Seyed Abbas Mousavi announced that Iran and Azerbaijan are determined to expand their cooperation in the field of auto, bus and tractor manufacturing.

"The production of buses and tractors will soon be on the agenda of two neighboring Muslim countries, Iran and Azerbaijan," Mousavi tweeted.  

Mousavi published a picture of Azerbaijani President Elham Aliyev driving an Iranian car.

 In a relevant development in late March, Mousavi underlined the need for increasing trade relations between Iran and Azerbaijan, saying that "there is no limit for expansion of bilateral ties between the two neighboring states".

Mousavi said that "there is no obstacle for development of relations between Iran and Azerbaijan".

Both countries' determination is to further bilateral ties, he said in a meeting between officials of Iran's Chamber of Commerce, Industries, Mines and Agriculture and Azerbaijan Export and Investment Promotion Foundation (AZPROMO).

The ambassador called for enhanced trade ties with the Azeri Republic.

He noted that 20 percent of Azeri lands have been liberated from occupation, calling for symbolic 20 percent growth to economic cooperation between Tehran and Baku.

Azerbaijan is ready to host Iranian companies and private sectors, Mousavi underlined.

Also in early March, Iran’s Minister of Industry, Mine and Trade Alireza Razm Hosseini announced his ministry’s preparedness to establish a joint industrial town with Azerbaijan Republic in Ardabil province.

Razm-Hosseini said that launching a joint industrial park with the Republic of Azerbaijan is possible in cooperation with the two neighboring provinces at the border.

“After making the preliminaries and necessary agreements, the two sides will start investing jointly on this giant project,” he added.

Source: https://www.farsnews.ir/en/news/14000425000388/Envy-Iran-Azerbaijan-Braden-Cperain-in-Bs-Manfacring

Envoy Iran Azerbaijan to Broaden Cooperation in Bus Manufacturing

Envoy: Iran, Azerbaijan to Broaden Cooperation in Bus Manufacturing

2021-July-16

TEHRAN (FNA)- Iranian Ambassador to Baku Seyed Abbas Mousavi announced that Iran and Azerbaijan are determined to expand their cooperation in the field of auto, bus and tractor manufacturing.

"The production of buses and tractors will soon be on the agenda of two neighboring Muslim countries, Iran and Azerbaijan," Mousavi tweeted.  

Mousavi published a picture of Azerbaijani President Elham Aliyev driving an Iranian car.

 In a relevant development in late March, Mousavi underlined the need for increasing trade relations between Iran and Azerbaijan, saying that "there is no limit for expansion of bilateral ties between the two neighboring states".

Mousavi said that "there is no obstacle for development of relations between Iran and Azerbaijan".

Both countries' determination is to further bilateral ties, he said in a meeting between officials of Iran's Chamber of Commerce, Industries, Mines and Agriculture and Azerbaijan Export and Investment Promotion Foundation (AZPROMO).

The ambassador called for enhanced trade ties with the Azeri Republic.

He noted that 20 percent of Azeri lands have been liberated from occupation, calling for symbolic 20 percent growth to economic cooperation between Tehran and Baku.

Azerbaijan is ready to host Iranian companies and private sectors, Mousavi underlined.

Also in early March, Iran’s Minister of Industry, Mine and Trade Alireza Razm Hosseini announced his ministry’s preparedness to establish a joint industrial town with Azerbaijan Republic in Ardabil province.

Razm-Hosseini said that launching a joint industrial park with the Republic of Azerbaijan is possible in cooperation with the two neighboring provinces at the border.

“After making the preliminaries and necessary agreements, the two sides will start investing jointly on this giant project,” he added.

Source: https://www.farsnews.ir/en/news/14000425000388/Envy-Iran-Azerbaijan-Braden-Cperain-in-Bs-Manfacring

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