TASHKENT, May 20 — Prime Minister Datuk Seri Anwar Ibrahim's visit to Uzbekistan from May 17 to 19 is seen as an opportunity for business entities in Malaysia to expand their business and to penetrate the Uzbekistan market, and even to explore the bigger Central Asian market.
Anwar's discussion with Uzbekistan President Shavkat Mirziyoyev on the first day of the visit last Friday focused more on trade between the two countries, and both leaders want the trade volume to be increased.
To achieve that, both leaders expressed their support for activating the work of the intergovernmental Joint Committee on Trade and transform the committee into the Intergovernmental Joint Commission.
Malaysia and Uzbekistan will continue mutual visits of representatives of business circles as well as participate in exhibitions and fairs held in the two countries.
Both sides also will organise regular and effective bilateral business engagements not only in the mainstream goods and services sector, but also in tourism, healthcare opportunities and other areas of mutual benefit.
The Uzbekistan-Malaysia High Level Business Forum at the Samarkand Silk Road Complex in Samarkand on Saturday, which was attended by Anwar and Uzbekistan’s Deputy Prime Minister Jamshid Khodjaev, received an exceptionally strong reception from Malaysian and Uzbek companies.
About 200 companies attended including major companies owned either by the government or the private sector.
Among the participants were Uzbek companies with annual revenue exceeding RM1 billion, such as Eriell Group, Korzinka, Orient Group, Murad Buildings and Asklepiy Group, as well as those from Malaysia such as Petronas, the Employees Provident Fund, Khazanah Nasional, Proton, Sunway Group and Sime Darby.
It is estimated that trade commitments worth RM710 million were achieved at the forum.
Anwar told the Malaysian media that efforts to assist small and medium-sized Malaysian companies in expanding their overseas market penetration must be enhanced to put them in a more favourable position
In 2023, Malaysia recorded bilateral trade with Uzbekistan totalling US$94.03 million (RM451.1 million), with exports to the Central Asian country amounting to US$93.6 million (RM449 million) and imports worth US$414,518 (RM1.99 million).
For Malaysia, as trade with the world’s biggest countries fell last year but trade with West Asian, African and South American countries increased, it is high time for the country to have a new plan and not only focusing on its largest trading partners like China and the United States.
The Prime Minister’s visit also will create the opportunities for successful cooperation in various sectors of the economy with discussions on possible joint projects in energy, including renewable energy sources, chemistry, electronics and electrical engineering, pharmaceutical and textile, mining and metallurgical industries, agricultural products processing and food industry, engineering and construction.
Both Anwar and Mirziyoyev also supported the proposal on establishing an Uzbekistan-Malaysia industrial zone in Uzbekistan encompassing safe routes for the goods as well as looking into the legal framework of cooperation in the protection of both country’s businessmen.
— Bernama
