By Fuad Shahbazov, Baku-based independent regional security and defence analyst

Since its victory in the Second Karabakh War with Armenia in 2020, the Azerbaijani government has begun a massive reconstruction of the former war-torn region. Azerbaijan has demonstrated a firm commitment to reconstructing Nagorno-Karabakh, which was largely neglected and left unattended for three decades. According to the Azerbaijani state media, between 2020 and 2023, the authorities have allocated AZN12 billion to Karabakh's reconstruction/rebuilding process and an additional AZN4 billion AZN in 2024. Overall, the state programme dubbed “Great Return” envisions the allocation of AZN30.5 billion from the state budget between 2022 and 2026. Considering the fact that the reconstruction is a lengthy and costly process, at the first stage, Azerbaijan prioritized the reconstruction of larger urban areas such as Aghdam, Lachin, Shusha, Fuzuli, and Zangilan in order to initiate the steady return of former Azerbaijani IDPs, making those areas economically attractive for potential local and foreign investors. READ MORE

• EGF Editor  |  Published on EGF: 31.05.2024  |  Markets
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Center for Economic Research and Reforms (CERR), together with UNICEF, assessed the level of monetary child poverty in Uzbekistan. The study analyzed the impact of the social protection system on the poverty level. According to the calculations, in the absence of social payments, the child poverty rate in the country would have increased by 1.6 times.

April 1, 2024. The Center for Economic Research and Reforms (CERR), together with the United Nations Children's Fund (UNICEF) in Uzbekistan, conducted an assessment of the level of poverty among the child population, as well as an analysis of the effectiveness of the social protection system. READ MORE

• EGF Editor  |  Published on EGF: 02.04.2024  |  Markets
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Karakalpakstan has a unique and rich cultural heritage. It includes ancient architectural and archaeological monuments, unique folklore, performing arts, ceremonies and customs, as well as traditional handicrafts.

The territory of Karakalpakstan is rich with architectural and archaeological monuments, most of which are defensive constructions, including a number of impressive fortresses along the borders of settlements. The majority of the earliest constructions date back to the IV century B.C., when Ancient Khorezm freed itself from the Achaemenid Empire. READ MORE

• EGF Editor  |  Published on EGF: 20.03.2024  |  Markets
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In the heart of Central Asia, Uzbekistan, a country known for its dazzling architecture and rich history, is emerging as a promising eco-tourism destination.

Eco-tourism in Uzbekistan presents an opportunity to explore the country’s natural beauty while contributing to its sustainable development. As more travelers seek out eco-friendly travel options, Uzbekistan stands as a testament to the power of eco-tourism to transform not just the landscape, but also the lives of the people who call it home. READ MORE

• EGF Editor  |  Published on EGF: 14.03.2024  |  Markets
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One of the key principles of Uzbekistan's economic growth is the widespread and parallel regional development, based on a deep analysis of the socio-economic situation of the country’s regions, including the study of resource base, production, transport-logistics potential, and demand for various high-value-added products.

According to the Ministry of Investment, Industry and Trade, based on the analysis results, regional investment programs (RIP) are formed annually and approved by the Government Commission, implemented with the coordination and support of the Ministry of Investment, Industry, and Trade of the Republic of Uzbekistan. Considering the identification of new opportunities, the list of projects expands throughout the year. READ MORE

• EGF Editor  |  Published on EGF: 27.02.2024  |  Markets
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Ministry of Investment, Industry and Trade: In 2023, enterprises located in industrial zones manufactured products totaling 53.4 trillion soums and exported $972 million.

In 2024, 841 projects are planned to be launched in industrial zones in Uzbekistan.
In recent years, the country has been implementing a number of consistent, irreversible reforms aimed at creating an open, competitive economy, investment and industrial development, expanding foreign trade relations, and creating an attractive business environment for domestic and foreign investors. READ MORE

• EGF Editor  |  Published on EGF: 24.02.2024  |  Markets
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Obid Khakimov, director of the Center for Economic Research and Reforms under the Administration of the Republic of Uzbekistan

The dynamic growth of the population of Uzbekistan requires at least high outstripping economic growth rates in order to adequately meet the growing needs and improve the standard of living of people. But this requires new, more balanced and verified approaches to ensure timely achievement of the set goals.
And these new approaches to economic policy were clearly manifested in the decisions taken at the important meetings held at the beginning of the year under the chairmanship of the President of Uzbekistan Shavkat Mirziyoyev on the situation in the economy and the tasks assigned to the economic divisions for 2024. READ MORE

• EGF Editor  |  Published on EGF: 16.02.2024  |  Markets
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By Fuad Shahbazov, Baku-based independent regional security and defence analyst

On January 8, Mohammad bin Zayed Al-Nahyan (MBZ), the leader of the United Arab Emirates (UAE), paid an official visit to Azerbaijan upon the invitation of his counterpart, President Ilham Aliyev. While MBZ’s visit to Baku signaled an era of deepening economic and energy ties between Azerbaijan and the UAE, it also reflected significant progress made in recent years. Indeed, the bilateral relationship has seen a raft of new projects and investments, particularly in the renewable energy sector. Notably, according to 2022 data, the Gulf countries are now among Azerbaijan’s top investment partners, though reciprocal investment remains low, compared to Azerbaijan’s other partners. READ MORE

• EGF Editor  |  Published on EGF: 30.01.2024  |  Markets
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Tokhir Khasanov, Academy of Public Administration under the President of the Republic of Uzbekistan, DSc. in Economics, Associate Professor

Uzbekistan, nestled in the heart of Central Asia, has historically been a melting pot of cultures and civilizations, thanks to its pivotal role in the Silk Road. Its rich tapestry of history reflects a blend of empires, nomads, and diverse cultures that have left their mark over millennia. READ MORE

• EGF Editor  |  Published on EGF: 28.11.2023  |  Markets
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By Benyamin POGHOSYAN, PhD, Chairman, Center for Political and Economic Strategic Studies

The Russian invasion of Ukraine has led to a significant influx of Russian IT specialists into Armenia, boosting the sector and contributing to the country's economic recovery.
The growth of IT has become a synonym for Armenia’s development in the last decades. Given that the country has had a rather strong position in the IT sector since the collapse of the Soviet Union, it appears to be natural to observe the industry flourishing. In the 2000s, the primary agents of change were the branches of multinational companies, such as Synopsys Armenia and others. In recent years, the focus has shifted towards establishing a vibrant and thriving start-up ecosystem. Not even the economic slowdown in 2014-2016, the political upheavals of 2018, the Covid-19 Pandemic, and the 2020 war in Nagorno Karabakh did stop the growth of the IT sector in Armenia. READ MORE

• EGF Editor  |  Published on EGF: 13.11.2023  |  Markets
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