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[email protected]Economy
Uzbekistan ranks 11th in the world in natural gas production, 3rd in the export and 6th in the production of cotton. The country’s uranium deposits ranks seventh globally (4% of the world depositions). Uzbekistan has the fourth-largest gold deposits in the world. The country mines 80 tons of gold annually, seventh in the world. Share of agriculture in GDP has lowered from 37 % to 19,2 % from 1991 to 2017 according to the radical change in the economy structure.
GDP volume at purchasing power parities in 2015 – 185.8 billion US$
Weak points: dependence on import of cereals, the domestic production covers just 25% of needs.
GDP structure of trades (2017 data): agricultural contribution in GDP — 19,2 %, service share in GDP — 47,3 %, industry in GDP — 33,5 %.
Agriculture employs 44%, 20% in industrial employment, 36% in service employment.
To provide the objective and right valuation of Uzbekistan according to the international ratings, the State Statistic Committee always fills in 17 questionnaires of World organizations. In particular it has been established the cooperation with the European economy committee of UNO, with the International Monetary Fund, with The World Bank, with the European Bank for Reconstruction and Development, with the Asian Bank of Development and other international organizations.
The volume of implemented foreign investments in Uzbekistan’s economy was about 2.4 billion US$.
According to the experts the share of underground economy in Uzbekistan’s GDP is more than 50%.
Financial system
National currency
The largest bill — 50 000 sum, is equal to 6,13 US$ (January 2018 data).
Bank system
The Republic’s Lead bank is the Central Bank of Uzbekistan, is accountable to Senate Oliy Majlis.
The bank system of Uzbekistan is represented by 28 commercial banks for 2015, including three state banks, five – with foreign capital, twelve joint-stock banks and eight private banks. There is a high quantity of banks in the republic by CIS (Commonwealth of Independent States) standards – 33.8 thousand of people to one such an institution (like bank or its branch), the 2011, 1 January data. It is considered higher than in Russia, Kazakhstan or Byelorussia (but it’s incomparably lower than in the developed countries of EU like Germany or Italy).
The aggregate capital of five big Uzbek banks (National bank for Foreign Economic Activity, Asaka bank, Uzpromstroybank, Agrobank and Ipoteka bank) is 62.7% of total assets of banking system of the republic.
The aggregate capital of all commercial Uzbek banks for 2013 was 6.3 trillion sum (more than 3.1 billion US$), the aggregate assets of commercial banks – 37 trillion sum. The banks’ loan portfolio for 2013 was 21.3 trillion sum, and 29.4 trillion sum in 2014. The deposit value in the banks was 23.1 trillion sum.
Stock Exchange
The public corporation Tashkent Republican Stock Exchange was founded in 1994. The founders of it are investment, brokerage and insurance companies, and also the State Property Committee.
The Stock Exchange organizes a primary placement and secondary tenders by the shares and bonds of privatized companies (about 400 emitters are approved to tenders). The members of the stock exchange are more than 100 investment institutes.
Trading volume of Tashkent Republican Stock Exchange for 2016 was 299.8 billion sum.
Uzbek Republican Commodity Exchange (UzEx) was established as an open joint stock company and was registered by Ministry of Justice of the Republic of Uzbekistan in April 1994. Nowadays the UzEx is the biggest trading platform in Central Asia, and dynamically developing commodity exchange among CIS countries.
Four trading platforms are functioning in the Exchange.
Total volume of trade of UzEx for 2016 was 12066.4 billion sum. Of these the exchange tenders were 9460.6 billion sum, exhibition and fair trades – 1493.3 billion sum, auction tenders on state purchases – 596.1 billion sum.
Power industry
By the beginning of 2013 in Uzbekistan power system 45 power plants were active of the common capacity more than 12.4 thousand MW, including common capacity of 16 power plants of Public Stock company “Uzbekenergo” – with more than 12 thousand MW. Potential capacity of production of the electric power is 56-57 billion kilowatt-hours.
Installed power of Uzbekistan power plants accounts for about 50 % generating capacities of all Electric power pool of the Central Asia.
Production of the electric power in Uzbekistan in 2016 accounted for 59 billion kilowatt-hours.
Volume of thermal energy released to the consumers, for 2012 accounted for 18,876 million gig calories.
Power generation is implemented mainly on fuel-burning power plants, including the Angren’s one, New- Angren’s, Navoijskaya, Talimardzhanskaya and other stations. The largest power plant in Uzbekistan and in all Central Asia is Syr-Darya fuel-burning power plant – installed power is 3000 MW (is entered to operation in 1966).
Uzbekistan hydroelectric power stations: Gissarakskaya HYDROELECTRIC POWER STATION (capacity is 45 MW), Farkhadskaya HYDROELECTRIC POWER STATION (capacity – 126 MW), Andijan HYDROELECTRIC POWER STATION (capacity – 190 MW), Charvakskaya HYDROELECTRIC POWER STATION (capacity – 600 MW), Chirchik-Bozsujskij HYDROELECTRIC POWER STATION cascade (capacity – 1200 MW).
Uzbekistan power engineering.
Fuel and energy resources
Nowadays in the structure of primary fuel and energy country resources oil and gas take 97%, 2,3% – coal, 0,7% – hydro-electric engineering. One of the largest companies of the country is “UzTransGaz”.
Oil and gas resources
Geological oil reserves are 5 billion tons. Proved oil reserves are 100 million tons.
Geological reserves of natural gas are more than 5 trillion cubic meters. Proved reserves of natural gas is 1.1 trillion cubic meters.
According to the data of Uzbekistan Centre of economical researches, at preservation of current trends and the consumption of resources, the reserves of natural gas and coal in Uzbekistan will be enough for the nearest 20-30 years, while oil reserves are practically exhausted.
Production of oil and gas resources
Office of the company “Uzbekneftegaz”
Oil extraction in Uzbekistan in 2017 is accounted for 806 thousand tons; production of natural gas is accounted for 56.4 billion cubic meters.
Capacities of National company “Uzbekneftegaz” allow to supply production of natural gas in volume about 60-70 billion cubic meters and liquid hydrocarbon in volume 8 million tons a year. The Joint-Stock Company “Uzbekneftegaz” ranks 11th global place on production of natural gas.
The largest corporations in Uzbekistan power sector are CNPC (China National Petroleum Corporation), KNOC (Korea), GAZPROM, Lukoil, Uzbekneftegaz.
Uzbekistan ranks 10th place in the world on consumption of natural gas.
Oil and gas-processing
Two major oil refining plants are operating in Uzbekistan – Bukhara petroleum refinery and Fergana petroleum refinery. According to certain sources, because of the decrease of oil extraction, their loading does not exceed 50%. In Surkhan-Darya area as well a small Uzbek-Russian JV “Dzharkurganneftepererabotka” on processing of heavy oil is operating.
Nowadays Fergana oil refining plant (is entered to operation in 1959) produces about 60 types of petroleum derivatives. Rated capacity of the plant on processing accounts for 5,5 million tons of oil a year.
Gas-processing is implemented on Mubarekskij gas-processing plant (is entered to operation in 1971). At present capacity of the plant accounts for about 30 billion cubic meters of natural gas and production more than 570 thousand tons of gas-condensate a year.
Import of Russian oil to Uzbekistan in 2017 is accounted for 68.2 thousand tons.
Transport of oil and gas
The Central Asia China Gas pipeline. It begins in the area of the boundary between Turkmenistan and Uzbekistan, transit passes through Uzbekistan and Kazakhstan and it ends in Chinese border point of Horgos. Extent of the gas pipeline accounts for 1833 km. Construction began at the end of June 2008; in October 2010 the second branch of the pipeline was put into operation. Construction of the third (the last) branch of the gas pipeline was completed in 2014.
Coal-mining industry
Uzbekistan disposes prospected reserves of coal in the amount of 1832.8 billion tons, including: brown coal – 1786.5 billion tons, stone coal – 46.3 billion tons. Prognosis resources account for 323.4 billion tons of coal.
Coal mining in the republic is led on three fields: Angren (brown coal), Shargun and Bajsun (stone coal).
Joint-stock company “Uzbekugol’” is the sole enterprise presenting in the country coal-mining branch.
Main streams of activity are explorations, production, delivery, storage, processing and realization of coal production, as well as a series of accompanying minerals.
According to official statistics data, Uzbekistan in 2017 increased coal mining by 4.4% as compared with 2016 before 4.038 million tons.
The main consumer of coal fuel is an electrical power sector, to share of which it is beyond 85% of common consumption of coal.
Uranium
According to data of IAEA, Uzbekistan stands on the seventh place in the world on uranium reserves (4% world’s resources of uranium) and on the fifth on its production. About 40 fields are prospected at present, with 27 basic ones.
According to the data of State Committee for Geology prospected and estimated uranium reserves account for 185.8 thousand tons, from which there is 138.8 thousand tons of uranium of sandstone, 47 thousand tons – black slate uranium.
Exclusive manufacturer of uranium in the republic is Navoi Mining Metallurgy Combine (NMMC). The NMMC plans to increase production of uranium up to 3 thousand tons by 2010. Before 90s NMMC produced annually up to 3.5 thousand tons of low-enriched uranium.
Republic does not possess its own nuclear industry and all made low-enriched uranium delivers to export.
In August 2009 Chinese company CGNPC Uranium Resources Co and Uzbekistan Goskomgeo created Uz-China Uran JV for construction of obtaining complex and to begin production of uranium in other half of 2014.
Metallurgy
Ferrous metallurgy
90% of the production of ferrous metallurgy in the republic is a share of public corporation “Uzbek Metallurgy Combine” (public corporation “Uzmetkombinat”, Bekabad, Tashkent area, is commissioned in 1956).
On totals of 2012 public corporation “Uzmetkombinat” increased production of steel by 0.4% as compared with 2011 – up to 736.3 thousand tons. Earlier it processed a metal scrap coming from all republics of the Central Asia. At present because of decrease of deliveries of the scrap capacities of the enterprise are loaded not entirely.
Non-ferrous metals.
Copper and silver.
Almalyk Mining Metallurgy Combine (AMMC) is the sole manufacturer of copper in Uzbekistan, and one of the largest manufacturers of non-ferrous metals in Central Asian region.
To a share of the AMMC it is about 90% of production of silver and 20 per cent of gold in the republic.
The Combine includes two mining enterprises, two concentrating factories and two metal works with their infrastructure. Total gross of produced production is evaluated more than to 300 million dollars a year.
The Combine has the right to development of fields of copper-molybdenum and lead-zinc ores in Almalyk’s city area (Tashkent area). Raw material resources base of the AMMC are the field of copper-porphyry ores “Kal’makyr” and “Sarah-chequ” (Tashkent area) and field lead-zinc-barite ores “Uch-kulach” (Jizzakh area).
Tungsten.
Processing of tungsten and molybdenum ores found out in the republic, is engaged in by Uzbek Combine of refractory and heat resisting metals (is put into operation in 1956) in Chirchik.
Gold mining.
Uzbekistan ranks fourth place in the world, and the ninth of the production of gold. In 2012 90 tons of gold are extracted.
According to data of Uzbekistan Goskomgeo, 41 gold fields are opened in the republic at present, from them nine fields are developed. Gold is extracted in the Zeravshan River Basin and in Kyzyl Kum Desert.
The amount of prospected and confirmed reserves of gold in Uzbekistan accounts for about 2.1 thousand tons. The total amount of gold reserves account for approximately 3.35 thousand tons.
Production of gold in the country is concentrated on 2 largest enterprises – Navoi Mining Metallurgy Combine and Almalyk Mining Metallurgy Combine (NMMC and AMMC). Production of gold on the Navoi Mining Metallurgy Combine accounted for in recent years is more than 60 tons at the common production of this metal in the republic about 90 tons. Industrial complex of the AMMC unites five metal works in Navoi (Mining Metallurgy Plant-1), Zarafshan (Mining Metallurgy Plant -2), Uchkuduk (Mining Metallurgy Plant -3) and Zarmitan (Mining Metallurgy Plant -4), Marjanbulak Gold Mining factory in the village of Marjanbulak of Samarkand region.
Industry
Motor industry.
Daewoo Nexia.
JV MAN Auto-Uzbekistan is joint venture of Joint-stock company “Uzavtosanoat” and MAN Truck&Bus AG (Germany).
Limited Company “Samavto” (created in 2006) produces lorries of load-carrying capacity from 4 to 18 tons, as well as passenger city buses by capacity of 37 persons based on the landing gear of Japanese Isuzu
Closed Joint-stock company GM Uzbekistan JV (is former. UzDaewooAuto) – production of motor cars, in 2017 accounted for 135.5 thousand units.
Tashkent tractor plant produces tractors and tractor trailers for bulk transportation of cotton.
Electrical industry
The electrical production implements a Joint Uzbek-Russian enterprise “Uzelektroapparat – Elektroshit” based on the former headquarters factory of Research-and-production unification “Sredazelektroapparat” (it is put into operation in 1941).
The major manufacturer of household equipment is the group of companies “Artel” which enters to holding “AKFA GROUP”. According to data to the end of 2017, “Artel” has more than 50% a share in the country, in the segment of household equipment.
The major concerns of these branches are Tashkent cable plant (now state joint-stock company “Uzkabel’”), Andijan “Electroapparatus” and “Andijankabel’”. In Tashkent as well the plants “Zenith” producing equipment for TVs and video equipment, and “Algorithm” with the production of modern TVs and other equipments.
The plant of household refrigerators SINO with capacity of 250 thousand pieces a year was entered to operation in 1973 (at that time it was named production association “Elektrobytmash”). In 2004 Chinese Henan Henfey Electric and Hayer Group companies delivered as well equipment installation to the amount of 5.5 million dollars.
Building industry.
A part of building materials are of local manufacturing – on official data in 2013 in Uzbekistan there were produced 7.1 million tons of cement; 1.0 million cubic meters of modular iron designs and articles; 1.7 million pieces of conventional bricks of wall materials; 5.9 million м² wall tiles; 8.2 million м² window glass; 0.3 million м² blocks of window and door assembly.
Food industry.
In 2011 – 226.6 thousand tons of vegetable oil, 1470.8 thousand tons of flour, 322.7 thousand tons of granulated sugar were produced.
Pharmaceutical industry.
Pharmaceutical industry is united to State Joint-stock concern “Uzpharmsanoat” consisting of 84 enterprises and organizations, from them 3 foreign enterprises, 15 Joint ventures (JV), 4 scientific research Institutes and one unification of research-and-production. Output for 2011 was accounted for 265.7 billion sum.
Agriculture
The most important Uzbek agricultural production, apart from cotton, is fruits, vegetables and grain (wheat, rice and corn). Great bulk of food raw materials is produced by dekhkan (farmer) facilities, to which in 2008 it was 94.3% of potatoes cultivated in the republic, 73.6% of vegetables, 58.7% of melons and gourds, 67.7% of fruits, as well as 95.9% of meat and 57.2% of eggs.
Transport
Road and railway Friendship Bridge (Afghanistan — Uzbekistan)
Railway transport.
In Uzbekistan at the common extent of railways in 6500 kilometers 1100 kilometers are electrified. During the years of independence railways are constructed by passing of Turkmen territory that allowed achieving transport independence: Uchkuduk – Miskin – Nukus and Tashguzar – Bajsun – Kumkurgan.
There is High-speed railway; the line is served by the train “Afrosiyob” used seven days a week.
Annual freight turnover of railway accounts for about 90% from total freight turnover of all types of transport of the country.
In 2016 by State Joint-stock Railway Company “Uzbekistan railways” 68 million tons of cargoes and 21.1 million passengers were transported.
Repair of rolling-stock and issue of tank wagons covered of cars and half cars is implemented by Unitary enterprise “O’ZTEMIRYOLMASHTAMIR”, including “Tashkent diesel locomotive repair plant”, “Andijan machining plant” (is based in 1987), “Pakhtaabad car-repair plant”, Affiliate “Foundry-mechanical plant” (is based in 2003) and Locomotive depot of Samarkand.
The Joint-Stock Company “Tashkent plant on construction and repair of carriages”, produces the cars of passenger rolling-stock under firm is familiar “Маde in Uzbekistan”. Contracts on delivery to Russia and Kazakhstan of carriages of modern modification.
Construction of railway “China-Kirgizstan-Uzbekistan” is planned. According to preliminary parameters of the project, the reduction of the way from Eastern Asia to the countries of Middle East and Southern Europe will account for about 900 km, and the deadline will decrease to 7-8 days. Detailed railway route between China, Kirgizstan and Uzbekistan will be ready by April 2018.
Air transport.
Is presented by National Airline Company “Uzbekiston Havo Yullari” with 11 airports. Six from them have the status of international ones.
Company fleet comprises 31 aircrafts.
According to 2016 the company carried 2.471 million passengers.
As well freight traffics on inside and international airlines and passenger charter trips are executed by JV Open Company “Samarkand airlines” – Joint Venture of American transcontinental corporation “UMS, LLC” and from private Uzbek investors.
Cellular communication.
Services on granting of cellular communication on the territory of Uzbekistan render companies
– Foreign enterprise of Open Company “Unitel” – affiliated company of public corporation by “VympelKom” rendering to cellular communication under trademark “Beeline” (standards GSM, UMTS, LTE);
– Foreign enterprise of Open Company “COSCOM” – enters the group of companies “TeliaSonera” rendering to cellular communication under UCell trademark (standards GSM, UMTS, LTE);
– Open Company “Universal Mobile Systems” – joint venture with participation of the Joint ventire “Mobile Telesystems” (МТS) and Republic of Uzbekistan rendering to cellular communication on trademark “UMS” (standards GSM, UMTS, LTE).
Besides on the market there are companies – Foreign enterprises of Open Company “Rubicon Wireless Communication” under (standard CDMA) trademark “Perfectum” and UZMOBILE – (standards are CDMA and GSM / UMTS / LTE) the subsidiary of the JV “Uzbektelekom”, national telecommunications provider.
Insurance service.
There are 27 insurance companiesin Uzbekistan, from them 23 implement activity in the branch of common insurance and 4 in the branch of life insurance.
Foreign trade.
Uzbekistan exports – services, power bearers and petroleum derivatives, articles of food, ferrous and non-ferrous metals, chemical production and article from it, cotton fiber, machine and equipment.
During 1991 – 2017 essential change of the structure of export of Uzbekistan took place: the main republic goods became services (its share in export accounts for 25.1%), at the same time a share of cotton fiber in export decreased from 59.7% – to 3.4%, a share of provisions (from 3.9% – to 6.3%), chemical production (from 2.3% – to 6.3%), ferrous and non-ferrous metals increased (from 4.6% – to 6.6%), machines and equipment (from 1.7% – to 2.5%)
In the structure of import brunt falls of the machine and equipment – 38.9% and chemical production and articles from it – 16.5%.
Foreign trade turnover for 2017 accounted for about 27 billion US dollars
Among CIS countries the main foreign trade partners are Russia, Kazakhstan, Ukraine, Kirghizstan and Tajikistan, to share of which it is 28.7% flow of import-export trade, among other countries – China, Turkey, Korea Republic, Germany, Afghanistan, Brazil, India, Iran, Latvia, Lithuania, France, USA, I Italy, on share of which is 41.6% the whole flow of import-export trade.
