February 10, 2025 | Archive

Uzbekistan, Malaysia hammer out developing preferential trade agreement

TASHKENT, Uzbekistan, February 5. Uzbekistan and Malaysia have agreed to develop a preferential trade agreement as part of efforts to significantly increase bilateral trade and strengthen economic cooperation, Trend reports.

The decision was announced during the Uzbekistan-Malaysia Business Forum held in Kuala Lumpur, where President of Uzbekistan Shavkat Mirziyoyev and Prime Minister of Malaysia Anwar Ibrahim engaged in high-level discussions.

The forum brought together over 200 executives and representatives from leading companies, investment firms, and financial institutions from both countries. Malaysian businesses were represented by major corporations such as Petronas, Proton, Gentari, YTL Corporation, EXIM Bank of Malaysia, and many others.

During his speech, President Mirziyoyev emphasized that the forum marked the beginning of a two-year period of innovative development in Uzbekistan-Malaysia relations. Both sides identified priority areas for practical cooperation, including trade expansion, industrial partnerships, and investment initiatives.

Efforts to enhance transport and logistics connectivity were also highlighted, with nearly daily direct flights between the capitals of both nations facilitating increased business and tourism exchanges. The discussions focused on identifying new opportunities for growth in trade, investment, and joint projects.

A key outcome of the negotiations was the formation of a comprehensive industrial cooperation program. This includes strategic projects in the gas and chemical sectors, particularly in polymer production, green hydrogen, and ammonia manufacturing. The rapid development of Uzbekistan’s construction industry has also opened new avenues for collaboration in the production of innovative and environmentally friendly building materials.

Malaysia’s role as an advanced technology and innovation partner was emphasized, with agreements to expand long-term cooperation in the electronics and semiconductor industries. Both sides also discussed the potential for joint projects in artificial intelligence, digital technologies, and the establishment of data centers.

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