Figure 1: Our Managing Director, Zhang Lei (center), attended the Uzbekistan-Malaysia Summit in Uzbekistan
[Tashkent/Kuala Lumpur, February 6, 2025]
Against the backdrop of the simultaneous advancement of the “Belt and Road” Initiative and the ASEAN Economic Community, the Uzbekistan-Malaysia Business Forum was grandly held on February 5 at the Tashkent International Conference Center. Our business team, having received an invitation from the Minister of Investment and Trade of Uzbekistan, was honored to attend the forum. During the event, representatives from Uzbekistan, including President Shavkat Mirziyoyev, and Malaysian Prime Minister Anwar Ibrahim, who was present as the host, affirmed the strategic partnership between the two countries for sustainable development, providing valuable policy guidance and insights for enterprises of all sizes looking to expand into the Central Asian market.
In his opening speech, President Mirziyoyev emphasized that Uzbekistan, as a regional hub in Central Asia, is building a new regional economic engine through the “New Uzbekistan 2022-2026” development strategy. Data shows that the country has maintained a steady GDP growth rate of over 5.8% in recent years, with foreign direct investment nearly tripling compared to five years ago. The president particularly highlighted the strategic complementarities between Uzbekistan and Malaysia in the following areas:
- Infrastructure Connectivity: Joint development of the “Central Asia-Southeast Asia Transport Corridor” to shorten logistics cycles by 40%.
- Green Energy: Co-construction of a 500,000 kW photovoltaic power station and its supporting energy storage systems.
- Agricultural Modernization: Promotion of Malaysian palm oil cultivation techniques, planning a 100,000-hectare demonstration base.
- Digital Economy: Co-establishment of a cross-border digital free trade zone, with a pilot blockchain trade settlement system.
Prime Minister Anwar Ibrahim responded by announcing Malaysia’s “Eastward Strategy 2.0,” which plans to invest 20 billion ringgit (approximately USD 4.5 billion) in Central Asia over the next five years, with a focus on smart cities, renewable energy, and food processing projects. Notably, both parties announced the establishment of a ministerial-level joint working group, aiming to complete the feasibility study for the “UzMa Free Trade Agreement” within the year.
In a closed-door meeting held before the forum, our team, along with representatives from 12 multinational companies, engaged in substantive discussions with governors from seven key economic regions, including Samarkand and Bukhara, regarding project cooperation opportunities in Uzbekistan and the prospects of new city development within the country. Following the forum, the President of Uzbekistan and the Minister of Investment and Trade extended a sincere invitation to our team to visit Uzbekistan soon for further site evaluations of relevant key projects.
The composition of the Uzbekistan government delegation at the forum also attracted considerable attention from international observers. According to statistics, 80% of the 56 Uzbek officials in attendance were aged between 45 and 55, with an average professional tenure of 22 years, all possessing overseas academic backgrounds. Minister of Investment and Trade, Jamshid Khotamov, 45 years old, a representative of this cohort, is pushing forward reforms to the “90-day foreign investment approval” system. Khotamov, a dual-degree expert from MIT and former chairman of the National Development Bank, stands as a prime example of this new generation of leaders.
Perhaps most notably, 18 memorandums of understanding were signed during the forum, with a total value exceeding USD 3.7 billion. Some experts on-site even suggested that this “dialogue between the desert and the rainforest” is reshaping the economic landscape of Eurasia. Tengku Zafrul, Malaysia’s Minister of International Trade and Industry, noted that the two countries’ trade volume is expected to exceed USD 5 billion within three years, nearly quadrupling the current level. For Chinese enterprises, including ours, this Central Asian nation, with a population of 36 million and currently undergoing deep reform, is rapidly emerging as a strategic foothold for expanding westward under the “Belt and Road” Initiative, thanks to its unique geographic advantages and favorable policies.
Note: The data in this article is sourced from the Uzbekistan National Statistics Office, the Malaysian Investment Development Authority, and World Bank public reports. Project information has been cross-verified by multiple participants in the forum.
Figure 2: President Shavkat Mirziyoyev of Uzbekistan (left) and our Managing Director, Zhang Lei (right), exchanging a cordial handshake
Figure 3: Prime Minister Anwar Ibrahim of Malaysia (left) and our Managing Director, Zhang Lei (right), exchanging a cordial handshake
Figure 4: Prime Minister Anwar Ibrahim of Malaysia delivering a speech
Figure 5: President Shavkat Mirziyoyev of Uzbekistan delivering a speech
Figure 6: President Shavkat Mirziyoyev of Uzbekistan and Prime Minister Anwar Ibrahim of Malaysia signing a cooperation agreement
Figure 7: Our Managing Director, Zhang Lei, participating in the Uzbekistan-Malaysia Business Forum
