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Узбекистан, Английский
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Экономика
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Репост из: Center for Economic Research and Reforms
📝Uzbekistan and Germany’s Think Tanks Agree on Cooperation in Agricultural Research

On January 27, 2025, the Center for Economic Research and Reform (CERR) and the Leibniz Institute of Agricultural Development in Transition Economies (IAMO) formalized their partnership through the signing of the Memorandum of Understanding (MoU) in an online format.

📄The Memorandum signed between the CERR and the IAMO opens new horizons for scientific collaboration between Uzbekistan and Germany in the field of agricultural research.

📈In his remarks, Dr. Obid Khakimov emphasized that this partnership is especially relevant given Uzbekistan’s ongoing agricultural reforms, which focus on enhancing competitiveness and integrating innovative technologies into the sector.

🤝Both parties are confident that the cooperation will contribute to developing strategies for modernizing Uzbekistan’s agro-industrial complex, enhancing rural development and food security and improving the overall quality of life in rural areas.

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🇰🇷Samsung’s Chip Division Underwhelms in Costly AI Memory Race

Bloomberg reports that Nvidia gives delayed approval on less-advanced Samsung HBM. Korea’s largest company is fighting to narrow SK Hynix’s lead.

📊Samsung is ratcheting up its research and operating costs, with executives saying the spending on memory would stay at the elevated level as last year. Total capital expenditures came to $37 billion in 2024.

📉Investors remain concerned about Samsung’s ability to claw its way back into the market for HBM chips, designed to work with Nvidia’s AI accelerators. The company has struggled to get its latest products certified by Nvidia — providing an unusually long window for SK Hynix and Micron to carve out commanding leads in the booming HBM market.

📊SK Hynix posted record quarterly income earlier this month, eclipsing Samsung’s operating profit for the first time. Hynix said HBM made up 40% of its overall DRAM chip revenue in the quarter and it expects HBM sales to more than double this year.

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➡️#Infographics: Economic Development of Uzbekistan in 2024

📹In 2024, Uzbekistan's economy continued its dynamic growth. According to the Statistics Agency, the GDP in 2024 grew by 6.5% (in 2023 by 6.3%), which fully corresponds to the December forecast of the #CERR.

🗓 Growth in production was observed in all principal sectors of the economy, excluding the oil and gas extraction and pharmaceutical industries.

❕ There is a positive dynamics of attracting investments. During this period, the volume of investments in fixed assets increased by 27.6%.

📈 industry grew by 6.8%
📈 the volume of market services provided by 12.9%
📈 the volume of transport services increased by 11.8%
📈 construction sector increased by 8.8%

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🏛Global Banks Make Little Headway in Addressing Climate Change

Bloomberg reports that financing ratio for low-carbon energy rose slightly in 2023. Key number remains far below net zero emissions goal of 4 to 1.

📊 At the end of 2023, the so-called energy-supply banking ratio (ESBR), which includes debt and equity underwriting, was 0.89 to 1, up from 0.74 in 2022 and 0.78 in 2021.

📉Investment in low-carbon energy surpassed capital flows into oil, gas and coal projects for the first time and bank financing for fossil fuels actually fell in 2023. However, part of the reason for the decline in financing was China, where more companies switched to loans from bonds — and data on loans is harder to nail down.

📈Bank financing for fossil fuel and low carbon energy supplies totaled $1.6 trillion in 2023, down from $1.8 trillion the prior year. From the 2023 figures, BNEF came up with the ESBR of 0.89 for the industry.

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📊 There is a moderate growth in the Business Activity Index in Uzbekistan

1️⃣The Business Activity Index (BAI) calculated by CERR showed moderate changes during 2024, averaging 1,063 points (6.3%) per year.

➡️The following changes were observed in the BAI components

🔼the number of transactions on bank accounts of business entities increased by 7.7%

🔼 the component associated with operating business entities increased by 3.5%

🔽the intensity of the purchase of raw materials on the commodity exchange decreased by 6.4%

🔼the component of trademarks increased significantly by 7.5%

⬆️ In the regional context, Kashkadarya region showed the highest growth

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🐋DeepSeek Reveals How Badly Energy Industry Needs AI for Growth

Bloomberg reports that from pipelines to reactors, companies bank on data center boom, but DeepSeek’s more efficient model threatens growth forecasts.

📊DeepSeek’s announcement hammered the shares of uranium producers and natural gas pipeline operators alike. Companies that supply power plant equipment and data center cooling systems suffered as well in Monday’s big selloff.

📉US pipeline operators had been counting on new data centers to boost demand for natural gas. Growth forecasts ranged from 2 billion to 10 billion cubic feet per day. Kinder Morgan Inc. cited data centers in its recent, bullish growth forecasts, and saw its stock tumble 9% Monday. Uranium names were among the worst performers in the S&P/TSX Composite Index.

📊The basic nuclear thesis still holds, in part because power demand is going to climb from homes and factories that are increasingly shifting to electricity. DeepSeek’s efficiency could even lead to more widespread use of AI. Natural gas will be a winner here, primarily because it is the lowest cost from a reliability perspective, analytics say.

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🐋DeepSeek Challenges Everyone’s Assumptions About AI Costs
[long read]

Bloomberg reports that the Chinese upstart says its rival to ChatGPT comes at a fraction of the cost, raising questions about the rationale for stratospheric AI budgets.

🔣 A little-known Chinese AI startup called DeepSeek released a new open-source AI model called R1 that can mimic the way humans reason. The company said R1 rivaled or outperformed leading US developers on a range of industry benchmarks, including for mathematical tasks and general knowledge — and was built for a small fraction of the cost.

📉Almost overnight, DeepSeek has upended many of the assumptions inside Silicon Valley about the economics of building AI, as well as the best technical methods for developing the technology and the extent of the US lead over competitors in China. For much of the past two years since ChatGPT kicked off the global AI frenzy, the industry has bet that the path to better AI depends largely on spending heavily on more advanced chips from companies like Nvidia and increasingly massive data centers to house them.

📉Hype over DeepSeek's feat drove a nearly $1 trillion rout in US and European technology stock as investors questioned the spending plans of some of America’s biggest companies. The share plunge in AI chipmaker Nvidia alone erased roughly $589 billion in market value, the biggest wipeout in US stock-market history.

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☑️#Infographics: Uzbekistan's foreign trade with the EAEU countries in 2024

📈On May 29, 2024, the EAEU celebrated 10 years. Uzbekistan has an observer status in the EAEU since 2020. The Republic ranks 1st among the EAEU trade partners from all CIS countries that are not members of the EAEU.

4️⃣Uzbekistan's foreign trade turnover with the EAEU member states in January-December 2024 increased by 7.3% amounted to $17.5 billion, of which:
◾️exports – $5.8 bln.
◾️imports – $11.7 bln.

🇷🇺Foreign trade turnover with Russia amounted to $11.6 bln. (+14.5%)
◾️exports – $3.7 bln.
◾️imports – $7.9 bln.

🇰🇿Foreign trade turnover with Kazakhstan amounted to $4.3 bln.
◾️exports – $1.5 bln.
◾️imports – $2.8 bln.

🇰🇬Foreign trade turnover with Kyrgyzstan amounted to $846 mln.
◾️exports – $513 mln.
◾️imports – $333 mln.

🇧🇾Foreign trade turnover with Belarus amounted to $714 mln. (+9.1%)
◾️exports – $163 mln.
◾️imports – $551 mln.

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🟢EU’s Green Bonds Will Avoid Bloc’s Own ‘Gold Standard’ Rules

Bloomberg reports that bloc will carry on with existing framework since sales ongoing. Failing to align with own rules risks slowing use of standard.

📊The bloc started selling such securities in 2021, before the voluntary European Green Bond Standard was finalized, to fund projects through to 2026. Due to the fixed nature of that timeframe and the fact that bond sales are already underway, its original green framework will be applied for the entirety of the issuance.

🇪🇺The EU said in November that it has sold more than $67 billion of its so-called NextGenerationEU green bonds, putting it on track to becoming the largest issuer in the world. The new EU standards only became available to borrowers last month, though no bond issuers have used them so far. While the rules are voluntary, alignment is necessary if issuers want to market their debt as a “European green bond.”

📈The rules require at least 85% of bond proceeds to be aligned with the EU’s green taxonomy, effectively a list of environmentally-friendly activities. Germany have said they have no immediate plans to abide by the rules.

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📁#Infographics: Uzbekistan's trade with CIS countries in 2024

📍In January-December 2024, the CIS countries accounted for 35.1% of the foreign trade turnover of the Republic of Uzbekistan.

✔️The foreign trade turnover of the Republic of Uzbekistan with the CIS countries in January-December last year increased by 10.7% and amounted to $23.1 billion

◼️export – $9.1 bln (+9.5%)
◼️import – $14 bln (+11.4%)

✔️The largest shares of foreign trade turnover with the CIS countries were with Russia (50%), Kazakhstan (19%), Turkmenistan (5%) and Kyrgyzstan (4%).

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🇦🇪A productive visit to Abu Dhabi

1️⃣An analytical article by Obid Khakimov, Director of the #CERR, was published in the "Pravda Vostoka" newspaper, summarizing the outcomes of President Shavkat Mirziyoyev’s official visit to the United Arab Emirates (UAE).

🪧 During talks with UAE President, six key areas for a new model of economic cooperation were identified, focusing on artificial intelligence, digitalization, green energy, urban development and infrastructure, tourism, and private business.

📊A key task was identified: increasing mutual trade volumes tenfold by 2030 and growing the investment portfolio to $50 billion.

"Mutually beneficial cooperation with the UAE serves as a key to Uzbekistan’s successful economic integration into international markets and the realization of its regional potential."


🔝The article includes the following sections:
🔘 Sustainability as a Key Focus
🔘 Economic Issues at the Forefront of Negotiations
🔘 Business Meetings
🔘 Uzbekistan's Economic Cooperation with the UAE
🔘 Conclusion

Obid Khakimov,
CERR director

"Pravda Vostoka" newspaper №16 (30590)
23.01.2025


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📊 #Infographics: Uzbekistan's trade with Central Asian countries in 2024

📈 By the end of January-December 2024, the volume of Uzbekistan's foreign trade with Central Asian countries reached $7 billion, which was 10.6% of the total volume of foreign trade.

➡️ Exports amounted to $2.7 billion
⬅️ Imports amounted to $4.3 billion

📊 The largest share in Uzbekistan's trade turnover with Central Asian countries was accounted for by Kazakhstan61%, the rest: Turkmenistan17%, Kyrgyzstan12% and Tajikistan10%.

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🖋 Uzbekistan Business Climate Analysis 2024 – CERR Report

📊Throughout the year, the composite business climate indicator demonstrated variability, with an annual average of 53 points (on a scale from -100 to +100), reflecting a generally positive business environment in Uzbekistan.

📈By the end of the year, all sectors showed increased optimism, as evidenced by the index value of 56 points.

➡️ The annual average index of current business conditions stood at 39 points, indicating an increase in positive perceptions among enterprises.
➡️ Sectoral analysis highlights agriculture as the most confident sector, with nearly half of enterprises rating their current business conditions as "good."
➡️ Positive forecasts regarding demand over the next three months varied between 74% and 57%.

📊 According to a survey by the CERR, 54% of entrepreneurs reported no difficulties in conducting business.

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📈Chinas Installed Renewables Achieved Yet Another Record in 2024

Bloomberg reports that China broke its own record in installing renewable power in 2024.

♻The world’s second-largest economy added roughly 277 gigawatts of solar last year, surpassing the previous year’s record of 217 gigawatts. It also added nearly 80 gigawatts of wind.

🇺🇸The record installation means China has hit its 2030 renewables target six years early. This stands in contrast to the US, where Donald Trump has started implementing a hard pivot back to fossil fuels and withdrawn from the Paris climate pact.

🇨🇳The country is expected to add 273 gigawatts of solar and 94 gigawatts of wind in 2025, driven by needs of state-owned developers and provincial governments to meet their renewable capacity goals in the final year of the country’s 14th five-year plan.

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📊#Infographics: Uzbekistan's foreign trade in 2024

📶Uzbekistan's foreign trade turnover in January-December 2024 amounted to $65.9 billion (+3.8%)

➡️Exports in foreign trade turnover amounted to $26.9 billion (+8.4%)

✔️In the structure of exports, goods amounted to $19.3 million and services to $7.6 billion

⬅️Imports in foreign trade amounted to $39 billion (+0.8%)

✔️In particular, goods were imported for $38.9 billion and services for $55 million

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🇺🇸 Trump Pushes to Make US an AI Superpower, With Fewer Guardrails

Bloomberg reports that the new administration is encouraging more investment, with less focus on safety and climate concerns.

📄On Monday, Trump rescinded Biden’s sweeping executive order on AI. The move immediately halted the implementation of key safety and transparency requirements for AI developers. Some tech leaders attending the World Economic Forum in Davos praised his approach. Other experts warned against an AI world with fewer guardrails.

🇪🇺The EU previously unnerved some leading AI companies by enacting tougher tech legislation on privacy and safety. By comparison, the Trump team has brought in prominent tech figures, including billionaire Elon Musk and venture capitalist David Sacks, to help shape its tech and AI policies.

🇨🇳For the Trump administration, and possibly many in the AI industry, climate and safety concerns rank behind a fear of being outcompeted by China. As if to underscore that concern, DeepSeek, a Chinese startup, unveiled an updated AI model this week that it says is competitive with OpenAI’s technology.

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🇨🇳China Hits 5% GDP Target But Trump Tariffs Threaten Further Growth

Bloomberg reports that economy jumps in final quarter on policy pivot, strong exports. Donald Trump’s return may hurt trade and a key growth driver.

📊 With the stimulus bump in the last quarter, annual consumption growth languished below pre-pandemic levels, property investment contracted by the most on record and deflation persisted for a second straight year. Once adjusted for falling prices, nominal GDP expanded only 4.2% in 2024, the slowest since the economy opened up in the late 1970s barring the pandemic slump.

📊Chinese leaders planned to raise the budget deficit to 4% of GDP and triple sales of special treasury bonds. China is set to announce its growth goal for 2025 at an annual parliamentary session in March, which is likely to be similar if not identical to last year’s based on provincial goals already announced. But to achieve 5% growth may be tougher this year.

📉Officials are also allowing special local bonds to be used by city governments to acquire unsold homes and buy back unused land, in moves aimed at easing the cash crunch faced by developers and boosting land prices by reducing supply. However, progress has been slow in the initiative to reduce housing inventory, as well as in a government-led drive to renovate urban villages.

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Giant Batteries Are Transforming the World’s Electrical Grids

Bloomberg reports that global energy storage capacity has tripled in recent years, thanks to an industry that barely existed a decade ago.

📈The rapid growth of large-scale energy storage is driven by plunging battery prices, rising electricity demand and a recognition among operators, utilities and public officials that grids are less reliable than they once were.

🇺🇸From 2021 through 2023, the state installed 8,1 GW of storage. That’s more than all the power plants in Alaska and Hawaii combined. There hasn’t been a rolling blackout since, despite plenty of high temperatures.

📊Global prices for large-scale energy storage systems have plunged 73% since 2017. Their ability to switch on and off instantly lets them recharge when electricity is cheap and sell power when prices rise. And they’re relatively fast to deploy, with the installation taking less than a year.

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