Within the framework of the visit of representatives of Khorezm region led by the regional khokim Farhod Ermanov to Malaysia, a business forum was organized in cooperation with the Malaysian Foreign Trade Development Corporation (MATRADE).
Tashkent, Uzbekistan (UzDaily.com) -- Within the framework of the visit of representatives of Khorezm region led by the regional khokim Farhod Ermanov to Malaysia, a business forum was organized in cooperation with the Malaysian Foreign Trade Development Corporation (MATRADE).
The event was attended by over 50 large Malaysian industrial enterprises and importers, including the leadership of the Ministry of International Trade and Industry of Malaysia (MITI), MATRADE, the Malaysian International Chamber of Commerce and Investment, the International Trade Association SMITA, etc.
The Malaysian side was acquainted with the favorable conditions created in Uzbekistan for doing business, measures taken to support the development of the hotel business, ongoing large-scale economic reforms (including monetary policy, the introduction of private ownership of land), free economic zones, trade and economic potential of the country and Khorezm region, including the FEZ “Hazorasp”, as well as new initiate Investment visa, which will be introduced from 1 March 2019.
During the speech, the senior director of MATRADE Mohd Mustafa praised reforms being carried out in Uzbekistan to liberalize the economy and improve the business climate. Attention was drawn to the fact that in December 2018, a joint Uzbek-Malaysian business forum was organized for the first time in Tashkent during the visit of large Malaysian industrial enterprises and importers to Uzbekistan. It was noted that MATRADE considers Uzbekistan as a strategic partner of Malaysia in Central Asia.
Chairman of Ideal Healthcare Sdn. Bhd. H. Hamid informed about his interest in creating a joint venture for 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. S. Ariffin 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.
Following the results of the business forum, the parties agreed to organize the next visit of Malaysian business circles headed by the leadership of MATRADE to Uzbekistan in May 2019 to discuss implementation of promising investment projects and the further development of trade and economic cooperation.
Also, specific agreements were reached on the implementation of the following investment projects:
- with Hadid Engineering on implementation of an investment project in construction industry worth over US0 million, as well as considering the possibility of acquiring shares in companies in the oil and gas, petrochemical and chemical industries to modernize existing production facilities;
- implementation of investment projects in the field of ICT together with the largest Malaysian telecommunications company Telekom Malaysia Bhd., including on the principle of PPP (G2B);
- on creation in Khorezm region of a modern cluster for fish breeding and fish feed production using local raw materials with A Farm Agrotech;
- Opening of a branch of the Uzbek-Malaysian joint innovation center Monarch Holdings for provision of medical and cosmetology services in the city of Urgench;
- creation of a center for provision of medical and consulting services in Khorezm region with Alpha International Training & Consultancy;
- organization of export-oriented production of medical products with Ideal Healthcare.
