Latest news with #Malaysia-Uzbekistan
The Sun
22-06-2025
- Business
- The Sun
Malaysia optimistic trade with Uzbekistan will pick up, says envoy
TASHKENT: Malaysia is optimistic about a potential increase in trade with Uzbekistan, as both countries work to deepen cooperation in new areas such as halal certification, Islamic finance, tourism and green technology. In an interview with Bernama and RTM, here, Malaysian ambassador to Uzbekistan Ilham Tuah Illias acknowledged a recent drop in trade volume, mainly due to import tax on palm oil. However, he expressed confidence in a potential turnaround. 'We are hopeful that trade will pick up, if both governments can agree to waive or continue waiving the (import) tax on Malaysian palm oil. This would enable Uzbek retailers here to resume sourcing their palm oil supply from Malaysia,' he said. In 2024, Malaysia-Uzbekistan trade reached RM369.8 million, making Uzbekistan Malaysia's second-largest trading partner in Central Asia. The trade balance was in Malaysia's favour at RM360.3 million. From January to April 2025, trade between both countries reached RM106 million. Major exports from Malaysia to Uzbekistan include palm oil, coffee, palm-based oleochemical, margarine and shortening, processed food and coconut oil. Imports from Uzbekistan comprise mainly fertilisers, fruits and textiles. Ilham Tuah said the 5% tax on Malaysian palm oil is being reconsidered by Uzbek authorities. A continued exemption could significantly boost Malaysia's exports. 'We hope this move will encourage Uzbek buyers to continue to source their supply from Malaysia. Discussions between the relevant authorities in both countries will be essential in finding a mutually beneficial solution,' he added. The ambassador emphasised the importance of raising public awareness in Uzbekistan about the health benefits of palm oil. 'We must continue educating the Uzbek people about the nutritional value of palm oil and counter the negative narratives promoted by certain parties.' On the tourism front, Ilham Tuah highlighted that over 15,000 Uzbek tourists visited Malaysia last year – a significant increase from previous years, driven by enhanced air connectivity, including direct flights by Batik Air and Uzbekistan Airways. 'This improved connectivity benefits not only tourists but also students from Uzbekistan. Many are drawn to Malaysia's beaches, as Uzbekistan is a landlocked country.' He also noted a growing interest among Malaysian travellers in Uzbekistan, particularly for spiritual tourism. 'Many Malaysians visit Uzbekistan particularly for spiritual reasons. They love to explore the Imam Al Bukhari Mausoleum, which is currently under renovation. Once completed, it is expected to become a favourite destination for Malaysians,' he added. Ilham Tuah noted strong interest in Malaysian halal certification in Uzbekistan, and said the Malaysian Islamic Development Department has signed a memorandum of understanding with the relevant Uzbek authorities to strengthen cooperation in halal certification efforts. 'This collaboration will help local products meet Malaysian halal standards, potentially opening access to broader markets that recognise our certification.' To facilitate smoother trade and investment, both countries are exploring the possibility of establishing a preferential trade agreement. Ilham Tuah said with such a framework, Malaysia could send semifinished goods for final processing in Uzbekistan, which has access to markets in the European Union and Eurasia. 'It's a win-win for both sides. A preferential trade agreement between Malaysia and Uzbekistan is something we are actively considering ... so the relevant agencies of both countries should meet up to discuss and explore this further,' he added. Ilham Tuah also noted the growing demand in halal consumer goods and Muslimah fashion. 'Muslimah fashion is making a strong comeback here. So I encourage Malaysian women entrepreneurs to engage with their counterparts here. There is huge demand here for Muslimah fashion, cosmetics and halal products,' he concluded. – Bernama
Daily Express
19-06-2025
- Business
- Daily Express
Trade, nuclear energy, tech deals: DPM Fadillah heads to Uzbekistan, Russia to deepen bilateral ties
Published on: Thursday, June 19, 2025 Published on: Thu, Jun 19, 2025 By: Bernama Text Size: Deputy Prime Minister Datuk Seri Fadillah Yusof will make his first official visit to Uzbekistan and Russia from June 20–28 to boost economic ties and explore collaboration in energy and high-tech sectors. — Bernama pic Kuala Lumpur: Deputy Prime Minister Datuk Seri Fadillah Yusof will embark on an official visit to Uzbekistan and Russia from June 20 to 28 to strengthen bilateral economic relations and explore cooperation in energy and high technology. This will be his first official visit to both countries as deputy prime minister and includes meetings with senior government leaders, bilateral talks, and site visits to strategic facilities such as energy infrastructure and innovation hubs. Advertisement In Uzbekistan, the visit aims to build on ties renewed during President Shavkat Mirziyoyev's visit to Malaysia earlier this year. In the capital Tashkent, Fadillah — who is also Minister of Energy Transition and Water Transformation — is expected to pay a courtesy call on President Mirziyoyev and hold a bilateral meeting with Energy Minister Jurabek Mirzamahmudov to enhance energy cooperation. According to the ministry's itinerary, Fadillah will also deliver the keynote address at the Malaysia-Uzbekistan Business Forum 2025, aimed at linking businesses from both countries. Malaysia-Uzbekistan trade reached RM369.8 million (US$80.9 million) in 2024, with Malaysia enjoying a surplus of RM360.3 million (US$78.9 million), according to news reports. Malaysia's main exports to Uzbekistan include palm oil, palm-based oleochemicals, processed food, coffee, margarine, shortening and coconut oil, while key imports are fertilisers, fruits and textiles. Fadillah's visit to Russia begins on June 24, where he will meet Russian Deputy Prime Minister Alexander Novak. A key highlight will be the exchange of a non-disclosure agreement between MyPower Corp and Russia's state nuclear agency Rosatom, as Malaysia continues assessing nuclear energy as part of its net-zero emissions goal by 2050. Fadillah is also expected to visit Rosatom's nuclear facilities in St Petersburg. The visit comes on the heels of Prime Minister Datuk Seri Anwar Ibrahim's state visit to Russia in May, during which President Vladimir Putin pledged joint ventures in natural gas and peaceful nuclear energy, including expanding Petronas's operations in the country. Malaysia and Russia established diplomatic ties in 1967. In 2024, Russia was Malaysia's ninth-largest trading partner in Europe, with trade totalling RM11.46 billion (US$2.48 billion). Major Malaysian exports to Russia included electrical and electronic products, machinery and parts, and processed food. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
