Uzbekistan Keen To Deepen Investment, Business Links With Malaysia, Asean

By Siti Radziah Hamzah

TASHKENT, June 16 (NNN) -- Uzbekistan is keen to strengthen investment and business ties with Malaysia and other ASEAN countries, particularly in high-value-added industries, manufacturing and small and medium enterprises (SMEs).

Adviser to the Ministry of Economy and Finance Jasur Karshibayev said Uzbekistan remains open to investors from all countries and sees significant potential to expand economic cooperation with Malaysia, underpinned by strong cultural ties and growing engagement between the two nations.

“ASEAN countries are another area where we are happy to collaborate. Uzbekistan is open for business from all countries, including Malaysia,” he told Bernama on the sidelines of the Tashkent International Investment Forum (TIIF) 2026 here today.

Earlier this month, Uzbekistan Ambassador to Malaysia Karomidin Gadoyev said Malaysian investments in Uzbekistan have surpassed US$3 billion (US$1 = RM4.06), underscoring deepening economic ties between the two countries.

He highlighted that the number of Malaysia-Uzbekistan joint ventures rose to 47, underscoring growing business engagement between the two countries.

Karshibayev said Kuala Lumpur and Tashkent could emerge as stronger business partners as both countries explore new trade and investment opportunities.

He added that Uzbekistan has identified a pipeline of priority projects, including privatisation initiatives and investments across various sectors, with particular interest in industries that generate higher value-added economic activities.

Karshibayev noted that while governments can facilitate investment by providing the necessary framework and policy support, meaningful collaboration ultimately depends on private sector participation.

Regarding the development of the SME sector, he added that it remains a key government priority due to its role in job creation and economic growth, and that the country is open to learning from Malaysia's experience in supporting SME development and attracting greater private-sector participation in the segment.

Meanwhile, Karshibayev said Uzbekistan remains confident of achieving its investment ambitions under the Uzbekistan 2030 strategy, which targets attracting US$250 billion in investments.

Karshibayev said the government would continue implementing reforms to improve the investment climate and attract more private capital into the economy.

Since 2017, Uzbekistan has launched wide-ranging reforms aimed at modernising the economy, improving the business environment, and attracting sustainable investment.

Key achievements include the liberalisation of the foreign exchange regime, the adoption of modern investment legislation, judicial reforms, and enhanced e-government services.

Karshibayev said the government's reform agenda has so far yielded positive results, pointing to easing inflation despite extensive price liberalisation measures and continued economic growth.

He added that Uzbekistan has also maintained strong economic momentum despite global uncertainties, reflecting the effectiveness of ongoing reforms.

Earlier, Karshibayev was one of the panellists at a session on “Political Risk and Blended Finance: Mobilising Capital For Frontier Markets”.

He noted that the Uzbek government aims to increase the country's economy to US$240 billion by 2030, thereby joining the ranks of upper-middle-income countries.

To achieve this goal, Kashibayev said the Uzbek government plans to continue economic and social reforms while further improving the business environment.

In addition, it was noted that Uzbekistan’s sovereign credit ratings have been consistently improving in recent years, which is expected to reduce the cost of raising capital in international markets.

Franklin Templeton’s chief executive officer for Central Asia, Marius Dan, said the recently completed National Investment Fund IPO comprised 13 strategically important state-owned enterprises and was successfully conducted through dual listings in London and Tashkent.

He said the transaction marked Uzbekistan’s first-ever international equity offering and raised close to US$700 million, with investors including major international financial institutions such as BlackRock, Franklin Resources, and Redwheel.

-- NNN-BERNAMA