World central banks in November, according to preliminary estimates by the World Gold Council (WGC), increased the amount of gold in their foreign exchange reserves by 53.4 tons.
“Looking to the end of 2024, central banks around the world continued to play a leading role in gold demand,” said WGC analyst Krishan Gopaul. – “November was another month of gold purchases, with central banks adding a total of 53 tons to official reserves, according to available data. This continues the trend observed throughout the year: central banks, mostly from emerging markets, remained active buyers of gold, driven by a desire to find a stable and reliable asset in the face of global economic uncertainty.”
The largest buyers of gold in November were Poland (21 tons), Uzbekistan (9 tons), India (8.4 tons), and Kazakhstan (5.1 tons). According to Gopol, for the first time since April, China reported an increase in reserves (plus 5 tons). Other buyers included Jordan (4.1 tons), Turkey (3 tons), the Czech Republic (1.6 tons), Ghana (1.2 tons), Mongolia and Malta (less than a ton).
Singapore was the main seller of gold (5.2 tons). Also in December, the central bank of Finland reported a 10% reduction in its gold reserves to 44 tons, a sale that most likely took place the same month, WGC said.
The Asian Infrastructure Investment Bank (AIIB) has approved $250 million in financing to support Uzbekistan’s accelerated climate transition to a green, inclusive and resilient economy.
This project marks an important milestone in promoting sustainable economic growth in line with the Uzbekistan 2030 Development Strategy, as well as the country’s commitment to reduce greenhouse gas emissions by 2030.
The project will cover three interrelated areas. First, it will improve climate-related governance structures. Second, it will focus on improving water and land management while promoting economic resilience. Thirdly, the project will accelerate the transition to low-carbon solutions in key sectors such as energy and transportation, prioritizing energy efficiency and sustainable practices.
In addition, the project will pay special attention to the implementation of sustainability and climate risk disclosure practices for state-owned enterprises, as well as to the expansion of renewable energy initiatives that benefit women and vulnerable communities.
According to the Statistics Agency, in January-October 2024, Uzbekistan exported 3,407 tons of pomegranates worth $4.0 million.
Countries to which Uzbekistan exported the most pomegranates in 10 months of 2024:
Russia – 2,192 tons
Kazakhstan – 448 tons
Tajikistan – 279 tons
Kyrgyz Republic – 266 tons
Ukraine – 106 tons
Other countries – 116 tons
Ministry of Statistics of Uzbekistan
Biosphere Corporation, one of the market leaders in the production and distribution of household goods, plans to open a production facility in Uzbekistan next year to produce recycled garbage bags rather than virgin polymers and actively promote its products in this and neighboring Central Asian markets, according to Andriy Zdesenko, the corporation’s founder and CEO.
“This will load our Polygreen plant in Fastiv, which currently has a 20% capacity reserve. And it will allow us to build another plant in Ukraine that will produce pellets and send them to Uzbekistan to produce garbage bags, which we will then supply to neighboring countries,” he said in an interview with Interfax-Ukraine.
“And then sponge sponges, foil-film, slider bags – the whole range that is necessary for development,” Zdesenko added.
He clarified that Uzbekistan has protected its market by banning the export of garbage bags of a certain thickness and thus stimulated the launch of domestic production. In addition, the cost of logistics to the region, for example, to Kazakhstan, has tripled due to the war, and delivery times have increased from three weeks to two months.
“Therefore, if we want to be in the market of Uzbekistan, where I think there will be 40 million people in five years, we need to produce there,” said the Biosphere CEO.
He also emphasized that there are about 100 million people around Uzbekistan, including Afghanistan, whose market is actively developing, and there are many trade hubs in the region where business is very active.
Biosphere Corporation has been operating in Ukraine for over 25 years. The product portfolio includes more than 1 thousand items under 16 own brands (Freken BOK, Faynyi Bonus, Vortex, Likit, Smile, Smile Baby, Superfresh, Bambik, Novita, Lady Cotton, Alufix, PRO service, GoWipes, Chysta Peremoha, Pany Blisk and PoketMon). The corporation is the official distributor of such international brands as TORK, Selpak and Fantom.
The corporation’s capacities in Ukraine are represented by three plants with a total production area of 35 thousand square meters in Dnipropetrovska, Kyivska and Khmelnytska regions, as well as logistics complexes with an area of 30 thousand square meters. Together with the French Groupe Lemoine, Biosphere also owns a plant in Estonia for the production of cotton products with an area of 8.5 thousand square meters.
At the end of 2023, the company opened a new FOOD business line with its own Cupsoul production, represented by such tea brands as Graff, Ritz Barton, and others.
On November 13, as part of the COP29 summit, a ceremony was held to sign the Agreement on Strategic Partnership in the Development and Transmission of Green Energy between Uzbekistan, Kazakhstan and Azerbaijan.
In his speech at the event, President of the Republic of Uzbekistan Shavkat Mirziyoyev emphasized that renewable energy is not an economic goal, but a contribution to the future, the result of a sense of responsibility to future generations.
The environmental importance of the project was particularly emphasized. The energy to be transmitted is wind and solar energy, a renewable and clean resource that will reduce the impact on the climate.
Thus, the parties support joint efforts to protect the climate under the Paris Agreement and the Sustainable Development Goals.
It was noted that the signatory countries, having significant renewable energy resources, can make a significant contribution to the global energy transition.
Touching upon the efforts of Uzbekistan to develop a green economy, the Leader of Uzbekistan focused on the key aspects of large-scale work in this direction.
It was noted that about two gigawatts of solar and wind generation capacity is being commissioned annually in the country. In addition, an additional 2.6 gigawatts of renewable generation and 300 megawatts of energy storage systems will be connected to the grid by the end of this year.
By 2030, it is planned to increase the share of renewable energy sources to 40 percent, as well as to create 4.2 gigawatts of energy storage systems.
It was expressed that the economic effect of this project will be felt by all its participants.
The importance of accelerating the project implementation, including the establishment of a joint venture, development and approval of technical documentation and other procedures, was emphasized.
In conclusion, President Mirziyoyev reaffirmed Uzbekistan’s commitment to the joint implementation of this regional project.
In the first three quarters of 2024, Ukraine exported 12.6 thousand tons of frozen cattle meat, which is 20.3% less than in the same period last year.
This is evidenced by the data of the State Customs Service.
Revenue from exports of these products decreased by 18.9% compared to January-September 2023 – to $50.9 million.
Azerbaijan (37%), China (27.8%) and Uzbekistan (9.7%) bought the most Ukrainian frozen cattle meat during the first nine months of 2024.
