Trade volume between Uzbekistan-Malaysia forecasted to grow 15%

KUALA LUMPUR, March 10 — Trade volume between Uzbekistan and Malaysia is forecasted to grow 15 percent this year based on the outcome of studies of external trade data of both countries, said Uzbekistan Ambassador to Malaysia, Ravshan Usmanov.

Usmanov said both countries have a huge potential for further development of mutually beneficial trade, economic, and investment cooperation.

“Uzbekistan is considered the biggest trade partner for Malaysia in the Central Asia region, as the country has the largest population and consumption market in the region (Central Asia).

“At the same time, Uzbekistan’s strategic location as the main economic corridor with developed transport infrastructure helps in further growing trade turnover with its neighboring countries,” he told Bernama in an email interview recently.

The ambassador said in general, trade and investment cooperation is growing steadily between Uzbekistan and Malaysia.

Commenting on the trade between the two countries in 2020, he said the trade turnover was US$75.76 million, which fell 34.77 percent in comparison with the 2019 figure of US$116.16 million.

He attributed the decline in trade turnover in 2020 to the COVID-19 pandemic when companies faced several difficulties including the delivery of goods.

“The volume of exported goods from Uzbekistan to Malaysia in 2020 increased to 60.1 per cent, recording US$11.69 million compared with US$7.3 million in 2019.

“However, the import volume of Malaysian goods to Uzbekistan dropped from US$108.86 million in 2019 by 41.14 per cent in 2020, which recorded US$64.07 million,” he said.

According to Usmanov, Malaysia imports chemical, agriculture, and textile products, and services from Uzbekistan, whereas Uzbekistan imports palm oil, rubber products (including latex gloves), and products of oil and gas and chemical industries, production lines equipment and instruments, and furniture products, among others.

“Increasing number of newly established and modernization of existing production facilities in Uzbekistan in accordance with international standards, including with share of foreign investors, provides a good opportunity to supply high quality and competitive goods to foreign markets,” he said.

The diplomat said the opening of the MATRADE office in Uzbekistan’s capital city of Tashkent in October 2019 showed the high interest of the Malaysian government to further develop bilateral trade relations with Uzbekistan.

— BERNAMA