Uzbekistan and Malaysia discuss development of trade and economic relations
07/09/2018 12:05
Uzbekistan and Malaysia discuss development of trade and economic relations
07/09/2018 12:05
Tashkent, Uzbekistan (UzDaily.com) -- Uzbek Ambassador to Malaysia Ravshan Usmanov held talks with Darell Leiking, Minister of International Trade and Industry of Malaysia. This was reported by the press service of the Embassy of Uzbekistan in Kuala Lumpur.
During the meeting, the sides discussed issues of further development of bilateral mutually beneficial trade, economic and investment cooperation, within which the Malaysian side is provided with comprehensive information on major economic reforms in the country, including currency policy, free economic zones, favorable business conditions, economic potential of the country and its individual regions, including Khorezm region and FEZ “Khazorasp”, etc.
Darell Leiking, noting the huge potential of the two countries, stressed the need to intensify trade relations and investment cooperation, in particular in the chemical, electrical, food and pharmaceutical industries.
The Malaysian side is invited to consider the possibility of participation of representatives of small and medium business of Uzbekistan in online trading platform of Malaysia (Digital Free Trade Zone), where the opportunity to promote goods and products will be provided.
The online trading platform Digital Free Trade Zone was created on the initiative of the government of Malaysia to designate the country as the e-commerce center of the countries of Southeast Asia.
The main goal of the platform is to attract investments in development of e-commerce and opening of access for Malaysian manufacturers to export their products to foreign countries.
The parties also discussed issues of logistical accessibility of two countries, because of which the cost of products from Uzbekistan is not competitive in the Malaysian market. The Malaysian side was invited to consider the possibility of organizing the supply of Uzbek products to Malaysia by rail to China and by sea to the relevant ports of the country, which will reduce the cost of logistics services provided.
As the Minister of International Trade and Industry of Malaysia noted the rich resource potential and stable economic development of Uzbekistan, as well as the policy pursued in the republic aimed at modernizing and diversifying the industrial sector, opens new opportunities for Malaysian companies to conduct profitable business. He also said that free economic zones created in Uzbekistan can become especially attractive for Malaysian investors.
Following the results of the meeting, an agreement was reached to organize a visit of representatives of the Malaysian business circles led by the leadership of the Malaysian Corporation for Development of Foreign Trade to Uzbekistan from 31 October to 2 November 2018.
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