A new memorandum of understanding has created a favourable climate to encourage, promote and facilitate economic cooperation among business communities in the two countries.

SMa and CCIU will also support the reciprocal exchange of economic information and statistics, technical expertise, know-how and training programmes between Singapore and Uzbek companies, through trade delegations and economic discussions.

In fact, the partnership has already borne fruit. Beacons and Uzpharmsanoat State Joint Stock Company - an association of more than 70 companies that includes pharmaceutical manufacturing and trading companies and research institutes - have signed a separate MOU to reinforce cooperation.

“We look for business partners all over the world. Our partnership with Uzbekistan, a country with a population of 27 million, at the centre of central Asia, is a good business opportunity for us,” said Beacons general manager Gwen Goh.

The MOU is a part of Beacons’ long-term plan to grow trade with central Asia, in addition to the potential market in Uzbekistan that is sizeable in itself.