OREANDA-NEWS. August 18, 2009. A business forum with a presentation of the trade and economic, investment and tourist potential of Uzbekistan was held at the Centre of exhibitions and meetings of the MATRADE - Malaysia External Trade Development Corporation.

The event was organized by the Ministry for Foreign Economic Relations, Investments & Trade of the Republic of Uzbekistan jointly with the Embassy of Uzbekistan in Kuala Lumpur and the UNDP Office in Uzbekistan. The forum was attended by over 140 representatives of major international and Malaysian companies, as well as representatives of small and medium-sized businesses of Malaysia.

During the business forum the appeals made by the head of the delegation of Uzbekistan – the Deputy Minister of Foreign Economic Relations, Investments & Trade Shavkat Tulyaganov and the Executive Director of MATRADE Noharudin Nordin.

In his speech Noharudin Nordin said that Uzbekistan is one of the most important trade partners of Malaysia in Central Asia, with which there have been noticed a positive growth of trade and economic relations. In order to develop the trade and economic spheres of cooperation, Malaysia is interested in expanding the trade and economic relations. An example of successful cooperation is the Malaysian oil and gas corporation "Petronas", which is engaged in a number of major projects in Uzbekistan to the total sum of more than USD 1.5 billion.

Also, N.Nordin mentioned that the event will serve as a platform to discuss the ways of mutually beneficial trade and economic cooperation between Uzbekistan and Malaysia. Malaysian companies are interested in finding new markets, including Uzbekistan, which has a stable economic development and favourable conditions.

In his opening remarks Sh.Tulyaganov noted that the Uzbek side is interested in increasing the participation of Malaysia's capital in the creation of joint ventures in such areas of the economy as oil and gas, chemical and petrochemical industry, production of spare parts for automobiles, textile, electrical industry, telecommunications and services, pharmaceutical industry, as well as tourism sector. It was also stated that the potential of the two countries has a great opportunity to significantly increase the trade turnover.

The demonstration of the video clip on trade and economic and investment potential of our country, including FIEZ Navoi, nine presentations highlighting the key macroeconomic indicators of the development of Uzbekistan's economy, investment opportunities created in the country to attract foreign capital, as well as presentations on the possibilities of attraction of investments in pharmaceutical, electrical, chemical, textile, automotive, oil and gas industry, the development of the tourism industry, as well as in software development were held at the main part of the Forum.

By the resume of the presentations, the members of the delegation were asked the numerous questions by the forum participants to which the comprehensive answers were given.

After the plenary session there was a lunch on behalf of the Uzbek delegation for participants of the business forum.

After lunch, a cooperation exchange was held between the business circles of two countries during which a number of Memorandums of Understanding and Protocols of Intention.

At the same time, a series of bilateral meetings between Malaysian and Uzbek companies were held in the framework of the visit, during which the agreements were reached on expansion of trade and economic cooperation and the establishment of joint ventures in pharmaceutical, petrochemical, automotive, electrical and other industries of the economy of Uzbekistan.