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The Eximbank (Export-Import Bank) of Malaysia has allocated $15 million for the development of small and medium-sized enterprises (SMEs) in Uzbekistan, the Uzbek media reported Sept. 11 referring to the Embassy of Uzbekistan in Malaysia.

The relevant agreement has been signed during the business forum dedicated to the economic and investment potential of Uzbekistan, the media reported.

The representatives of more than 20 Malaysian companies, including the executive staff of the Malaysian Investment Development Authority (MIDA), the Department of Standards Malaysia (Standards Malaysia), the Central Bank of Malaysia (Bank Negara Malaysia), the Exim Bank of Malaysia, SMITA Malaysia (SME International Trade Association of Malaysia), etc. have taken part in the forum.

The Uzbek side informed the Malaysian side in detail about the favorable conditions created in the country for doing business, the large-scale economic reforms (including monetary policy), the activities of free economic zones, the trade and economic potential of the country and its individual regions, including the Khorezm region and the "Hazorasp" FEZ.

In her speech, Megane S.C. Soo, National President of the SME International Trade Association Malaysia (SMITA) provided information on the activities of the Association and praised the ongoing reforms in Uzbekistan to liberalize the economy and to improve the business climate.

She also noted that only in 2018, SMITA has already organized two visits of representatives of Malaysian business circles to Uzbekistan to study the country's potential and to discuss the issues of further development of trade and economic cooperation and to consider the possibility of implementation of the promising investment projects on the territory of the free economic zones of Uzbekistan.

Megane Soo expressed great interest in further strengthening cooperation with Uzbekistan, in particular through the organization of export of fruits and vegetables to Malaysia and the implementation of investment projects in the agricultural, food and other sectors of the economy.

As a result of the event, the parties also reached an agreement on the organization of the visit of representatives of Malaysian business circles to Uzbekistan in order to study the possibility of organizing the export of fruits and vegetables to Malaysia.

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