| |
| |
![]() |
| |
|
| |
|
| |
|
SINGAPORE: Uzbekistan may not be a familiar name for many Singapore investors even though the country is just seven hours away by flight.
Now, this Central Asian country wants to do more to position itself as an emerging market with opportunities for investors in the region.
With major markets in Europe heavily hit by the financial crisis, Uzbekistan is now focusing on Asian investors to boost its economic development. It believes the region has the potential to recover faster from the downturn.
Currently, Uzbekistan's top Asian trading partners are South Korea, Japan and China. Last year, the country forged deeper ties with Japan when it signed an investment agreement with Japan on the protection of investors in Uzbekistan.
To further enhance its attractiveness as an investment hub, Uzbekistan's government launched the Free Industrial Economic Zone (FIEZ), located in Novia city, in end-2008.
The FIEZ aims to produce a variety of components and products ranging from petrochemicals to high technology home appliances. Moving forward, it plans to deepen its relations with other Asian countries like Malaysia and Singapore.
It is also looking to Singapore businesses to provide the necessary expertise in sectors such as information technology, finance, pharmaceutical and electronics.
Alisher Kurmanov, Uzbekistan's ambassador to Singapore, said: "I've been specifically asked by my government to use our Singapore base to tap on the SEA market because Singapore is very uniquely located in this region. It will be a bidirectional process... Singapore will be tapping on our expertise as well."
The Singapore Business Federation said Uzbekistan is an alternative investment destination for businesses seeking opportunities in emerging markets.
Teng Theng Dar, chief executive officer, Singapore Business Federation, said: "The government and business community over there are looking for manufacturing expertise, even in the plastic and resource areas.
"They are very rich in resources, so integrated trading companies operating on a worldwide basis - like mining operations - can secure resources in order to do downstream supply. I think Uzbekistan is very promising in terms of mineral mining operation. We can also look into the ICT and education areas."
Bilateral trade between Singapore and Uzbekistan amounted to more than S$16 million last year. Despite the global economic downturn, Uzbekistan registered a 9 per cent economic growth in 2008.
- CNA/so
|
