A significant milestone with the setting up of Malaysia-Uzbekistan Business Chamber

PETALING JAYA: Malaysia and Uzbekistan marked a significant milestone in bilateral relations with the inauguration of the Malaysia-Uzbekistan Business Chamber (MUBC).

The inaugural meeting was hosted at the Uzbekistan embassy and presided over by the Uzbekistan ambassador to Malaysia Karomiddin Gadoev.

The setting up of the MUBC follows the successful high-level Uzbekistan-Malaysian Business Forum held in May this year at the Samarkand Silk Road Complex, which was attended by a Malaysian delegation led by Prime Minister Datuk Seri Anwar Ibrahim.

During the forum, participants explored substantial opportunities to expand business operations and enhance bilateral trade between both countries.

Datuk Seri Dr King Lim Chin Fui from Five Petroleum Malaysia will assume the first chairmanship of MUBC while Datuk Sohaimi Shahadan as the secretary-general.

Lim said MUBC is poised to play a pivotal role in fostering stronger bilateral ties and facilitating business growth, as well as economic prosperity between Malaysia and Uzbekistan.

“We are honoured to have the support of Karomiddin in our efforts to strengthen business relationships.

“The embassy’s resources and guidance will be pivotal in navigating the complexities of international business and enhancing our bilateral ties,” he said.

Lim also said Malaysia has been working closely with Uzbekistan in sectors such as healthcare, pharmaceuticals, tourism, and education.

He said trade and economic cooperation have also seen significant growth with total trade reaching US$94.03mil last year, compared to US$75.76mil in 2020.

“There is considerable room for improvement and ample opportunities for Malaysian businesses to participate in this growing market,” he added.

Meanwhile, Uzbekistan offers lucrative incentives, including up to 10 years of tax exemptions for investors, underscoring its commitment to economic growth and regional connectivity.