DPM welcomes creation of M'sia-Uzbekistan trade council

TASHKENT: Malaysia is receptive to the proposed creation of a Malaysia-Uzbekistan trade and investment council.
The matter was raised during Wednesday's roundtable business meeting with captains of industry of Uzbekistan and Malaysia that was chaired by Malaysian Deputy Prime Minister Tan Sri Muhyiddin Yassin.
"I think that it's a move in the right direction. I support it," he told Malaysian journalists after the roundtable session, shortly before leaving Tashkent at the conclusion of his four-day official visit to Uzbekistan.
He said the proposed body would allow Malaysia and Uzbekistan businessmen to discuss matters and bring them up to the governments and relevant agencies for further action.
"This will facilitate matters that needs to be implemented as both parties (businessmen and investors) will sit together in this council," he told the final press conference on Wednesday to wrap up his visit here.
Muhyiddin said it was normal for many countries to form such a council to facilitate business and take advantage of opportunities.
Describing the trip as a success, he said: "We had the opportunity to forge warm official and personal ties with the Uzbekistani leadership, and a lot of progress and agreement was achieved in our discussions."
The deputy prime minister said Uzbekistan's seriousness in enhancing cooperation with Malaysia was obvious. Malaysia, he said, sees Uzbekistan as a base from which to enhance its involvement and explore the regional market.
He said the roundtable, in which Uzbekistan's Minister of Foreign Economic Relations, Investment and Trade Elyor Ganiev participated, agreed that joint committees on trade and education meet as often as possible so that proposals could be concretely implemented.
"During the discussions, the minister made a very encouraging statement that all agencies in Uzbekistan must cooperate in all fields.
"There is no limit for any field ...to collaborate with the government in terms of trade and investment," said Muhyiddin referring to last year's two-way trade of US$71 million registered between Malaysia and Uzbekistan, which he described was minimal.
Besides, he said Uzbekistan was keen to attract Malaysian investments in the manufacture of electric and electronic products, oil and gas, services, utilities, infrastructure, tourism and education sectors.
"I view this as extraordinary during a visit like this for each field to be identified one by one. This shows that they are very keen. This is an encouraging development," he said.
Muhyiddin also commented on certain constraints that could obstruct further growth in two-way trade and investment including repatriation of profits.
Muhyiddin stressed that such issues should be thrashed out as investment can only flow in if the respective governments can ensure that any problems are spotted early and remedied.
"I think the prospects (here) are great, but the challenges are also great. But we cannot neglect, because the market in this region is also quite large," he explained.
During the trip, Muhyiddin's programme also included discussions with Uzbekistani Prime Minister Shavkat Mirziyoyev and a visit to the Uzbekistan State University of World Languages to promote the teaching and learning of the Malay language.
He also launched the Malaysian Education Fair and Art Exhibition 2014 and met with the Malaysian community here. – Bernama