Malaysia External Trade Development Corporation and the Chamber of Commerce & Industry of Uzbekistan have inked an MOU to elevate the opportunity for Malaysian products reach the shores of Uzbekistan and neighbouring countries.
The agency under the Ministry of Trade and Investment believes the partnership with CCIU will open up bigger opportunities for Malaysia’s enterprises to do business with Uzbekistan as CCIU is the largest business community federation in Uzbekistan representing more than 280,000 enterprises. MATRADE is the national trade promotion agency of Malaysia with a strong global network of 49 trade offices in major cities all around the world and in Uzbekistan, MATRADE operates a Marketing Trade office in Tashkent.
The memorandum will also further deepen collaboration in trade promotion and development between the two organisations. The areas of cooperation encompass 3 main themes i.e. exchange of trade information; joint trade promotion activities such as trade fairs, seminars, business forums, trade missions, cross border e-commerce as well as sharing experiences in the area of capacity building and training with a view of enhancing the competitiveness and competencies of Malaysian and Uzbekistan companies.
It aims to facilitate more interaction between corporations and SMEs from both countries. Uzbekistan and Central Asia markets of 80 million people have vast potentials for many Malaysian competitive products and services through conventional and e-commerce platforms. Malaysian products and services identified with high potential are food & beverage, halal, pharmaceutical and medical devices, and technical & vocational education & training (TVET). Uzbekistan companies are encouraged to leverage on the Malaysia International Halal Showcase (MIHAS) to tap into vast global halal market, particularly in ASEAN, Middle East and North Africa (MENA).
In 2023, Malaysia-Uzbekistan’s total trade was RM426.2 million (USD94 million), with exports to Uzbekistan amounting to RM424.3 million (USD93.6 million) and imports amounting to RM1.9 million (USD0.4 million). Major exports of Malaysia to Uzbekistan include palm oil, coffee, palm-based oleochemical, margarine & shortening, processed food and coconut oil. Imports from Uzbekistan are mainly fertilizers, fruits and textiles.
Uzbekistan is an emerging economy relying largely on natural gas and commodity exports for growth. Having embarked on ambitious economic reforms since 2016, the country has sustained strong economic growth and has become more attractive for trade and investment.
