Uzbekistan, Malaysia’s business communiteis hold joint business forum

Business Materials 28 January 2019 14:09 (UTC +04:00)

Baku, Azerbaijan, January 28


The Malaysian Foreign Trade Development Corporation (MATRADE) and representatives of Khorezm region led by region head Farhod Ermanov, jointly organized a business forum in Malaysia on January 24, Trend reports with reference to UzDaily.

The event was attended by over 50 large Malaysian industrial enterprises and importers including the leadership of Malaysian Ministry of International Trade and Industry (MITI), MATRADE, the Malaysian International Chamber of Commerce and Investment, the International Trade Association SMITA, etc.

The Malaysian side was thoroughly acquainted with the favorable conditions for doing business in Uzbekistan.

Moreover, they were aware of the measures taken to support the development of hotel business, ongoing large-scale economic reforms, activities of free economic zones, trade and economic potential of the country and Khorezm region including the FEZ "Khazorasp".

The senior director of MATRADE Mohd Mustafa gave a high assessment to the reforms being carried out in Uzbekistan to liberalize the economy and improve the business climate. It was noted that MATRADE considers Uzbekistan as a strategic partner of Malaysia in Central Asia.

Chairman of Ideal Healthcare Sdn. Bhd. spoke about his interest in creating a joint venture for the production of medical devices in Uzbekistan. It was emphasized that the establishment of a joint venture in Uzbekistan will open up new opportunities for exporting products to the rapidly developing markets of Central Asia and the CIS.

Chairman of Hadid Engineering Sdn. Bhd. expressed interest in studying the issue of acquiring shares of Uzbek companies in the oil and gas, petrochemical and chemical industries to modernize production and introduce new energy efficient equipment in order to produce competitive export-oriented products.

As a result of the business forum, the parties agreed to organize a regular visit by Malaysian business circles led by MATRADE’s leadership to Uzbekistan to discuss implementation of promising investment projects and further development of trade and economic cooperation in May 2019.

Furthermore, specific agreements were reached on the implementation of the following investment projects:

- the implementation of an investment project in construction industry worth over $100 million with Hadid Engineering as well as considering the possibility of acquiring shares in companies in the and gas, petrochemical and chemical industries to modernize existing production facilities;

- the implementation of investment projects in the field of ICT together with the largest Malaysian telecommunications company Telekom Malaysia Bhd., including on the principle of Public Private Partnership (G2B);

- the creation of a modern cluster for fish breeding and fish feed production using local raw materials in Khorezm region with A Farm Agrotech;

- the opening of a branch of the Uzbek-Malaysian joint innovation center Monarch Holdings for the provision of medical and cosmetology services in the city of Urgench;

- the creation of a center for the provision of medical and consulting services in the Khorezm region with Alpha International Training & Consultancy;

- the organization of an export-oriented production of medical products with the company “Ideal Healthcare”.