Czech manufacturers PMI falls to 49.7 despite higher output, more orders
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Uzbekistan’s appeal as a destination for Russian businesses is rising, as neighbouring Kazakhstan and Kyrgyzstan have become more unwelcoming for sanctions-busting activity.
The number of Russian firms active in Kazakhstan has declined for five consecutive quarters and now stands at roughly 17,600, its lowest level in two years. Kazakh and Kyrgyz officials, responding to pressure from the US and European Union, have tightened banking regulations of late, making sanctions-busting transactions more difficult.
It is not surprising then that Russian entrepreneurs are turning their attention to Uzbekistan. The number of new businesses launched in the country with Russian capital has grown by 161 since the start of the year, official statistics show. Uzbekistan has also risen to be the third most popular destination for Russian “business tourists,” after China and Kazakhstan. According to Uzbek media reports, hotel bookings by Russian entrepreneurs so far this year have grown by 53%, compared to the first half of 2024.
Even though interest in Uzbekistan as a business destination is surging among Russians, the overall number of Russian firms operating in the Central Asian nation stands at 3,098, less than 20% of Kazakhstan’s total.
In 2024, Uzbek-Russian trade turnover grew by 5.2%, reaching more than $10bn, Interfax news agency reported.
This article first appeared on Eurasianet here.
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