Food Industry, Pharmaceuticals Among Uzbekistan, Malaysia Ongoing Projects

KUALA LUMPUR, April 8 (Bernama) -- Currently there are some ongoing projects between Uzbekistan and its Malaysian partners in the field of agriculture, food industry, pharmaceuticals and Information and Communications Technology (ICT), said Uzbekistan's Ambassador to Malaysia Ravshan Usmanov. He said for the last few years the number of companies with share of Malaysian investors have doubled. The ambassador said 31 Malaysian companies already operating with their Uzbekistan partners in the Central Asian country. These are in the fields of chemical industry, textile, furniture, electrical industries, financial and tourism services as well as in some other areas. "This shows the growing interest of Malaysian companies to develop mutually beneficial cooperation with us," he said in an interview with Bernama. Usmanov explained that to strengthen trade and investment cooperation between the two countries, a Joint Committee on Trade and Investments, which is represented by the Ministry of Investments and Foreign Trade of Uzbekistan and the Ministry of International Trade and Industry of Malaysian, has been established. He also said there was participation from Malaysia at the recently held Tashkent International Investment Forum, held from March 24-26, - representatives from the Malaysia External Trade Development Corporation (MATRADE), an university, bank as well as from a private company. Usmanov was speaking to Bernama in an interview in conjunction with the 30th anniversary of the establishment of diplomatic relations between Kuala Lumpur and Tashkent. Both countries established diplomatic ties in 1992. On bilateral trade, he said that for the last few years, it witnessed a dynamic growth. In 2021, bilateral trade volume was US$75.6 million, with export from Uzbekistan to Malaysia amount to US$17.6 million (growth by 146 per cent compared to 2020). Main export of Uzbek goods to Malaysia consists of chemical and chemical products, agriculture, textile products and services. Uzbekistan mainly imports from Malaysia palm oil, rubber products (including latex gloves), products of oil and gas and chemical industries, production lines equipment and instruments, furniture products and other products. "Uzbekistan can open the doors for Malaysian industrial players and service providers in exporting their products to the emerging market of CIS countries, thanks to its strategic location, developed transport infrastructure and existing free trade agreements with these states. "While Uzbekistan could be a gateway to Central Asia and CIS countries, Malaysia could likewise be its door to Southeast Asia," the ambassador explained. He pointed out that currently companies from 40 countries are doing business in Uzbekistan while the number of enterprises with the share of foreign investments has increased almost three times during the last five years. The most attractive spheres for foreign investors were energy, chemical, automobile, textile and agriculture industries. "Our government is working on creating the most favourable conditions for both local and foreign companies by providing tax exemptions, protecting their rights and interests, developing infrastructure and introducing ecofriendly technologies," he further said. Under the investment programme for 2021-2023, Uzbekistan plans to attract US$28 billion foreign investments to implement 226 new projects and create 34,000 new jobs. Usmanov said Uzbekistan, with some 35 million population, is known as a resource-rich and the second fastest growing country among the Commonwealth of Independent States (CIS). Uzbekistan not only among the world's leading cotton producers, but also among world's largest producer of gold, uranium, phosphate, graphite as well as having substantial deposits of gas and oil. Usmanov said recently the Cotton Campaign ends its call for a global boycott of cotton from Uzbekistan. The ambassador also revealed that Uzbekistan is introducing advanced Malaysia's experiences to the country including developing halal industry that will help the Central Asian country to further strengthen trade cooperation with other countries. Besides that, establishing Digital Free Trade Zone, which will assist in further growth of trade turnover with foreign countries by eliminating bureaucracy in all levels of trade operations. He said Malaysia's experiences are also being emulated in ensuring productivity of economic sectors in order to increase efficiency of each industrial sector in the country. He further said that in the field of agriculture industry, advanced Malaysia's experiences would assist the country to find out new approaches and efficient methods of cultivation by ensuring productivity of agricultural land. "In the area of collecting and preparing statistical data and reports, we believe that it (Malaysia's experiences) will help us to establish a transparent and automatised system for gathering needed information," Usmanov further said. Malaysia was the first Southeast Asian country to recognise Uzbekistan as an independent state, on Jan 1, 1992. In 1993, Malaysia established its embassy in Tashkent, the capital of Uzbekistan. While the Uzbek embassy in Kuala Lumpur was opened in 1999. -- BERNAMA