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Economy

Mirziyoyev announced plans to build second and third nuclear power plants in Uzbekistan

President of Uzbekistan Shavkat Mirziyoyev, during an open dialogue with investors in the fuel and energy sector, stated that the country is preparing to build a second nuclear power plant and has plans for a third. Negotiations with investors on the second plant are scheduled for October 17. It was previously reported that, according to Mirziyoyev, the second plant is planned to be built jointly with China; the first NPP is being built with Russia.

2 min read
Economy

Uzbekistan to Establish an Investors' Council in the Fuel and Energy Sector Headed by Saida Mirziyoyeva

At an open dialogue with fuel and energy sector investors, Shavkat Mirziyoyev announced the creation of an Investors' Council to be headed by Presidential Administration head Saida Mirziyoyeva. The Council will promptly resolve investors' problems — from land allocation to commissioning of facilities. Also discussed were personnel training and the transfer of liquefied gas supplies to the private sector by 2027.

2 min read
Economy

Uzbekistan to build 5,000 km of power grids and 16 substations by 2030 and develop an energy master plan through 2050

At an open dialogue with fuel and energy sector investors on 16 October, Shavkat Mirziyoyev announced the construction of 5,000 km of power grids and 16 substations by 2030, expansion of energy storage capacity to 4.5 GW, development of a National Energy Master Plan through 2050, dedicated sites for data centers, and exports of 'green' energy to Europe via the Caspian Sea.

4 min read
Economy

Turkey presents 2027 budget draft with 4.2% economic growth forecast

Turkish Vice President Cevdet Yilmaz presented the 2027 budget draft: economic growth is expected at 4.2% versus 3.3% in 2026, inflation should fall to 21%, and the budget deficit is set at 3.5% of GDP. Expenditures are planned at 27.276 trillion liras, revenues at 23.408 trillion liras.

3 min read
Economy

Fed Chair Kevin Warsh surprised by global economy's resilience and gave no signals about the next rate hike

Speaking at the annual IMF and World Bank meetings in Bangkok, Fed Chair Kevin Warsh reaffirmed his commitment to price stability but declined to prejudge rate decisions for October and December. He noted the unexpected resilience of the global economy, an investment boom in the US, and called AI the biggest economic transformation, which is so far boosting demand and inflation.

5 min read
Economy

Uzbekistan to offer investors 128 oil and gas blocks with resources of 5.8 trillion cubic meters of gas

President Shavkat Mirziyoyev, at a dialogue with fuel and energy sector investors on October 16, announced plans to offer foreign companies 128 new oil and gas blocks with a preliminary resource estimate of 5.8 trillion cubic meters of gas and 560 million tons of liquid hydrocarbons. Currently, SOCAR and BP are conducting geological exploration at six blocks in the Ustyurt region.

2 min read
Economy

Turkey to tighten legislation against capital market crimes by early 2027

Turkish Treasury and Finance Minister Mehmet Simsek said that amendments to legislation to strengthen the fight against capital market crimes will be completed by early 2027. The measures will affect coordinated fund operations, transparency of share ownership, and will include sanctions against violators.

2 min read
Economy

EU leaders call for joint measures against record surge in energy prices

At a European Council summit that stretched late into Thursday night, EU leaders demanded that the European Commission adopt targeted temporary measures to support households and industry, including expanded financial aid for the hardest-hit sectors. They also raised issues of energy supply security, refinery efficiency and joint purchases of energy resources. The IEA warned that the diesel market will remain tight until 2027.

4 min read
Economy

President of Uzbekistan: the country needs a unified energy system, not separate power plants

Shavkat Mirziyoyev, at an open dialogue with investors of the fuel and energy complex, announced a transition to a new stage of cooperation: regions' needs for capacity will be planned in advance, and ready-made projects will be put out to open tender. By 2030, it is planned to create 22,000 MW of new capacity, raise annual generation to 129 billion kWh, and increase the share of renewable energy to 54%. Soon, 6 solar and wind power plants with a total capacity of 2,200 MW will be put out to tender, and by 2050-

2 min read
Economy

Indonesia's stocks plunge 11% after MSCI proposal to downgrade the country's market status

The Indonesian stock market fell about 11% — the largest daily drop in 28 years — after MSCI proposed reclassifying the country from emerging markets to the 'Standalone Market' category. A consultation has been launched; the final decision will be announced by the end of June 2027. According to Bloomberg, global funds have already withdrawn $4.9 billion from Indonesian equities since the start of the year, the index has fallen 39%, and the rupiah 8%.

2 min read
Economy

Uzbekistan's Cabinet mandated public discussion of design codes and regulated advertising removal

By a Cabinet of Ministers resolution of October 13, territorial design codes must be developed only after broad public discussion and take effect three months after publication. The Tashkent khokimiyat and the Chamber of Commerce and Industry were tasked with holding a discussion of the capital's design code with entrepreneurs and the media by December 10. A procedure for forced removal of outdoor advertising was also established: two days' notice, removal during working hours with a report drawn up.

3 min read
Economy

Bundestag approves phased tobacco tax increase: a pack of cigarettes could cost almost €12 by 2030

Germany's lower house of parliament voted for a phased increase in the tobacco tax from 2027 to 2030. The average price of a pack of 20 cigarettes will rise from about €8.05 to €11.36, with some premium brands costing up to €14. The government expects to receive an additional around €12 billion over four years, citing the budget and healthcare. The opposition and the tobacco industry criticize the reform, warning of a growing black market.

3 min read
Economy

Uzbekistan to tender six solar and wind plants totaling 2,200 MW and develop an energy master plan through 2050

President Shavkat Mirziyoyev, at an open dialogue with fuel and energy sector investors, announced a shift to a new procedure for siting power plants: ready-made projects will be put out to open tender with conditions announced in advance. In the near future, six solar and wind projects with a total capacity of 2,200 MW will go to tender. A National master plan for energy development through 2050 will also be published.

3 min read
Economy

Mirziyoyev holds dialogue with fuel and energy sector investors: $35 billion in investments, 31% 'green' energy and new agreements worth $4.7 billion

President of Uzbekistan Shavkat Mirziyoyev held an open dialogue with fuel and energy sector investors. He reported that since 2016 the sector has attracted $35 billion, the share of renewables has reached 31%, and agreements on six projects worth $4.7 billion have been signed. Reducing losses in power grids was named a priority.

2 min read
Economy

Uzbekistan Discusses Fees for Topping Up Cards with Cash: Central Bank and Economists' Position

At a round table held at the Central Bank of Uzbekistan on October 15, fees in financial services were discussed, including charges for depositing cash onto a card. Economist Otabek Bakirov noted that foreign banks do not charge for topping up their own accounts. A representative of Naran Bank reported: topping up via ADM devices is free for its own clients, and 0.4% for clients of other banks.

2 min read