Economic Developments - September 2018

Islamic Development Bank (IDB) and government of Uzbekistan signed a new partnership strategy for 2018-2021 worth US$ 1.3 billion. Uzbek President noted that cooperation between Uzbekistan and IDB covers projects in several sectors like modernization of road transport, energy and municipal infrastructure, housing construction in rural areas, development of drinking water supply system, health and education, support for entrepreneurial entities and others. 

Uzbekistan and Russia signed an intergovernmental agreement on cooperation in construction of first nuclear power plant in Uzbekistan, as well as development of nuclear energy for peaceful purposes and training of personnel. The nuclear power plant will consist of two blocks of "3+" generation with pressurized water reactor of VVER-1200 model and with a total capacity of 2.4 GW based on Russian technologies. The agreement provides for cooperation in design and construction, as well as commissioning and operation of the nuclear power plant.

A South Korean company plans to start production of electric cars in Uzbekistan making it Central Asia’s leading manufacturer of electric cars. Total cost of project will be US$2 million, and manufacturing will start by end of next year. 

Tajikistan’s trade turnover with CIS countries increased by 17.8% for eight months of this year compared to same period in 2017. During current year, Tajikistan’s trade with CIS countries totalled over US$1.5 billion. 

Turkmenistan completed upgrade of its largest electric power plant which it hopes will help boost exports and eventually allow supplies to Pakistan. Turkmenistan sits on world’s fourth-biggest natural gas reserves and was hit hard by plunge in global hydrocarbon prices and is seeking to diversify exports in order to increase its hard currency earnings.


September 30, 2018

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About the Author

Ambassador Ashok Sajjanhar

Former Ambassador of India to Kazakhstan, Sweden and Latvia; President, Institute of Global Studies and Distinguished Fellow, Ananta Centre

Ambassador Ashok Sajjanhar belongs to the Indian Foreign Service and has acquitted his responsibilities in the diplomatic service for 34 years. He was Ambassador of India to Kazakhstan, Sweden and Latvia and has worked in senior diplomatic positions in Indian Embassies/Missions in Washington DC, Brussels, Moscow, Geneva, Tehran, Dhaka and Bangkok and also at Headquarters in India. He negotiated for India in the Uruguay Round of Multilateral Trade Negotiations and in negotiations for India-EU, India-ASEAN and India-Thailand Free Trade Agreements.

He contributed significantly to strengthening strategic ties and promoting cultural cooperation between India and USA, EU, Russia and other countries.Ambassador Sajjanhar worked as head of National Foundation for Communal Harmony to promote amity and understanding between different religions, faiths and beliefs. Ambassador Sajjanhar has been decorated by Governments of Kazakhstan and Latvia with their National Awards and by Universal Peace Federation with Title of ''Ambassador of Peace.'' Currently Ambassador Sajjanhar is President of Institute of Global Studies, New Delhi. He writes, travels and speaks extensively on issues relating to international relations, foreign policy and themes of contemporary relevance and significance. He appears widely on TV panel discussions. Ambassador Sajjanhar is interested in reading, music and travelling. His wife Madhu is an economist and an educationist. They have a son and a daughter both of who are accomplished singers. Their son passed out of Yale University and their daughter is pursuing her PhD at University of Minnesota.