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Economy 16/11/2008 Malaysian PM to announce investments of up to US$194.8m in Uzbekistan
Malaysian Prime Minister Datuk Seri Abdullah Ahmad Badawi
Tashkent, Uzbekistan (UzDaily.com) -- Malaysian Prime Minister Datuk Seri Abdullah Ahmad Badawi, who begins a three-day official visit to Uzbekistan today, is expected to announce new investments of up to 700 million Malaysian ringgit or US$194.8 million by Petronas in the republic’s oil and gas sector, the New Straits Times reported.

This will further boost trade with Uzbekistan’s second-largest trading partner in Asean with bilateral trade in the first nine months this year totalling 131 million Malaysian ringgit or US$36.4 million.

Malaysia’s exports to Uzbekistan amounts to 90.7 million ringgit or US$25.12 million with the bulk coming from vegetable oil and fats (palm oil exports), electrical and electronic equipment, furniture and rubber products.

Abdullah, who visited Uzbekistan in May 1992 as Foreign Minister, will be accompanied by four Cabinet ministers: Ministers in the Prime Mi­nister’s Department Datuk Seri Mohamed Nazri Abdul Aziz and Tan Sri Amirsham A. Aziz, Higher Edu­cation Minister Datuk Khaled Nordin and Unity, Culture, Arts and Heritage Minister Datuk Seri Shafie Apdal.

Malaysia made several investments in post-independent Uzbekistan, particularly in the banking, hotel, mobile services and the distribution of oil and fuel industries. However, almost all the investments failed, owing mainly to the Asian regional economic crisis in 1998.

Petronas, which set up operations here in 2006 through Petronas Carigali Overseas Sbn Bhd (PCOSB), is the biggest Malaysian investor in this Central Asian nation of 27 million people, investing 320 million ringgit or US$88.636 million.

The national oil corporation is involved in exploration and production of oil and gas projects in the Baisun, Aral Sea, Surkhanski and Urga regions.

Abdullah and his delegation are also expected to discuss other areas of cooperation such as collaboration between the respective higher institutions of learning.

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