Carnelutti Russia

Newsletter Central Asia and the Caucasus January 2024

Armenian LA Solar expands with EBRD support. The company focuses on the high-tech production of solar panels, using one of the most modern technologies, available for the companyy Meyer Burger. It currently has an annual production capacity of 350 MW. Its panels absorb several times more sunlight than panels produced by other technologies.

Azerbaijan and the UAE have elevated their bilateral relations to a strategic level. Aside from geopolitics, Azerbaijan-UAE relations are improving in the economic and energy sectors. Azerbaijan primarily benefits from the UAE's experience in renewable energy. The relations between the two countries will affect the power relations in the Gulf region, the South Caucasus, and Central Asia.
Deputy Economy Minister: Georgia has achieved “significant success” in quality infrastructure development. Arveladze said domestic legislation on market supervision would be reviewed with the intention of improving the existing system in the country and implementing monitoring in accordance with the “best European practices”.
Kazakhstan Plans to Auction Nearly 70 Precious Metal Deposits. The Kazakh Ministry of Industry and Construction has announced its intention to facilitate electronic trading for about 70 deposits of precious metals soon.

Kazakh-Italian roundtable concludes with 1.5 Bln USD in signed deals. The roundtable gathered top management from nearly 30 Italian companies. raises 1 Bln USD in Nasdaq IPO. Three major shareholders offered securities from their shares for sale. These include Mikhail Lomtadze, who controls 24.67% of the bank’s shares, Vyacheslav Kim, the owner of 23.47%, and the Asia Equity Partners fund, which owns 27.53%.

Chinese companies will build two power projects worth nearly 4 Bln USD in Kyrgyzstan. The investors and implementers of the project are the PowerChina Northwest Engineering Corporation Ltd, Green Gold Energy (GGE) and CR20G (China Railway 20th Bureau Group Co Ltd).
Tajikistan's President Rahmon highlights successful 8.3% GDP growth in 2023. The president reported significant economic growth, citing a remarkable 8.3% increase in the gross domestic product (GDP), reaching approximately 12 Bln USD.

Russia meets Tajikistan's needs for petroleum products. Gazprom Neft company is proactively working in the Tajik market.

The Islamic Development Bank (IsDB) provides 70 Mln USD to enhance Tajikistan’s education sector. The IsDB has reportedly accepted 86 investment projects for 641 Mln USD, and 286 Mln USD worth of 23 projects have been implemented in various sectors of Tajikistan’s economy so far.
Xi meets the Turkmen president. Over the past 31 years since the establishment of diplomatic ties, China and Turkmenistan have carried out friendly cooperation based on the principles of mutual respect and mutual benefit, said Xi, adding that the bilateral relationship enjoys enormous potential and broad prospects. He said China is willing to expand cooperation with Turkmenistan in areas such as economy, trade, natural gas and connectivity and to explore high-tech collaboration in communications and aerospace.

Turkmenistan is the largest gas exporter in Central Asia and during the 2023 exported 40,8bn cubic metres of gas, up from 42,5bn a year earlier and 33,6bn in 2020.

Turkmenistan begins preparations for engaging in accession talks with WTO members. The Government of Turkmenistan hosted on 30 May a Round Table on WTO Accession, co-organized with the WTO Secretariat and the Asian Development Bank (ADB), to advance the country's accession preparations.
Uzbekistan 2030 Strategy sets a goal of bringing the country's gross domestic product to 160 Bln USD and per capita income to 4000 Usd. This cannot be achieved only through the domestic market. The main thing is to attract foreign investment and increase exports actively.

Agricultural land to be leased through electronic auctions. The lease term will be 30 years, and the initial price is equal to the standard cost of the site.

EBRD approves new five-year strategy for Uzbekistan. EBRD has approved a new five-year strategy for Uzbekistan. Key priorities include supporting decarbonization, water efficiency and renewable energy, private sector development and business climate improvements.