Malaysia External Trade Development Corp (Matrade) chief executive officer, Datuk Noharuddin Nordin, said previously, it was purely developed countries but over the last decade or so the corporation has managed to penetrate new and emerging markets.

"Although the share is relatively small, the trend is growing among the Malaysian business community.

"The emerging markets have become more relevant as traditional markets like the US, Europe and Japan are facing economic difficulties," he told Bernama on the sidelines of the seminar on "Business Opportunities in Uzbekistan" in Kuala Lumpur on 13 August 2009.

Noharuddin said Uzbekistan has experienced tremendous growth although in terms of absolute value it was still small.

"It is a double land-locked country. You can’t talk about direct export to this country, so, look at other modes and leverage on the central location of Uzbekistan vis-a-vis other countries in the region," he said.

He said Uzbekistan’s gross domestic product grew by 8.2% in the first half of 2009 and for 2008 it was 9%.

"We are encouraging Malaysian companies to look at the possibilities of investing in the country as it is rich in minerals and agriculture products," he said.

Bilateral trade between Malaysia and Central Asia region has recorded encouraging growth.

Over the past five years, it rose by about four-fold to US$125.52 million in 2008.

Malaysia recorded more than five-fold increase in exports to the region to US$121.58 million last year.

In 2008, total trade with Uzbekistan represented 36.2% of Malaysia’s total trade with the region, valued at US$45.48 million.

Malaysia’s exports, valued at US$43.07 million in 2008, consisted of palm and vegetable oils, motor vehicle parts and electric and electronic parts and components.