KUALA LUMPUR: Malaysia External Trade Development Corporation (Matrade) and the Chamber of Commerce and Industry of Uzbekistan (CCIU) are collaborating to raise the profile of Malaysian products and services in the country and its Central Asian neighbours.
Both parties signed a memorandum of understanding (MoU) on the collaboration.
Matrade said the partnership is expected to 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.
"The memorandum will also further deepen collaboration in trade promotion and development between the two organisations.
"The areas of cooperation encompass three main themes, namely the 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 also aims to facilitate more interaction between corporations and SMEs from both countries," Matrade said in a statement.
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.
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.
According to Matrade, Malaysian products and services that are identified with high potential includes food and beverages, halal, pharmaceutical and medical devices, and technical, vocational education and training.
Therefore, it encouraged Uzbekistan companies to leverage on the Malaysia International Halal Showcase to tap into vast global halal market, particularly in Asean, Middle East and North Africa.
In 2023, Malaysia-Uzbekistan's total trade was RM426.2 million (US$94 million), with exports to Uzbekistan amounting to RM424.3 million (US$93.6 million) and imports amounting to RM1.9 million (US$0.4 million).
Major exports of Malaysia to Uzbekistan include palm oil, coffee, palm-based oleochemical, margarine and shortening, processed food and coconut oil.
Imports from Uzbekistan are mainly fertilizers, fruits and textiles.
Matrade also noted that 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.
