Thursday, 13 August 2009

Uzbekistan Invites Malaysian Investors

August 12, 2009

Uzbekistan Invites Malaysian Investors

KUALA LUMPUR, Aug 12 (Bernama) -- Uzbekistan is offering a host of attractive incentives in a move to lure more Malaysian investors to its shores.

Foreign Economic Relations, Investments and Trade of Uzbekistan Deputy Minister, Shavkat A. Tulyaganov said the country was offering 30 years tax exemption and rent free industrial sites for investors setting up base in Uzbekistan.

"We will facilitate opportunities and identify suitable partners in Uzbekistan and match them with potential Malaysian investors," he said in an exclusive interview with Bernama after attending a briefing with members of the Malay Businessmen and Industrialist Association (Perdasama) here Wednesday.

The deputy minister and a 15-member delegation arrived yesterday for a three-day trade and investment promotion mission to Malaysia.

He said at present, bilateral trade between Malaysia and Uzbekistan was very limited but there was a huge potential and opportunities to further expand business ties.

"Last year, Uzbekistan recorded a trade turnover of US$50 million, with palm oil imports from Malaysia, accounting for 90 per cent of the trade.

"For 2009, we expect imports to hover around the same figure, but we are optimistic two-way trade will double or even triple and for investments to pick up following this trip," he explained.

He assured that the Uzbekistan embassy in Malaysia would simplify business visa applications to facilitate trade and investment missions for Perdasama member companies.

The deputy minister also proposed that Perdasama members visit Uzbekistan's free economic zone to discuss further collaboration opportunities.

He also said national oil and gas company, Petronas recently announced that it would invest US$2 billion, over the next five to six years, to carry out two major projects in Uzbekistan.

Meanwhile, Perdasama is looking into venturing into the oil and gas, raw materials, fertilizers and plastics industries in Uzbekistan.

Its President, Datuk Moehamad Izat Emir said with easy visa application procedures, there was a good opportunity many joint ventures and investments would take place, both ways.

Perdasama has 13,000 member companies.