Oceanus Group has signed a trade agreement Uzbekistan’s Ministry of Investments, Trade and Industry, to grow trade and commerce activities between the two countries, with a target annual export volume of more than US$200 million.
Oceanus is also in talks with Uzbekistan to set up a joint venture company, with an eye on the regional markets of Asean, China, Middle East and even Europe.
In addition, Oceanus has signed a two-year MOU with the Chamber of Commerce and Industry of Uzbekistan on the establishment of Uzbekistan-Singapore Chamber of Commerce.
Under CEO Peter Koh, the company, which started as a China-based abalone producer, has transformed into a consumer goods distribution company with extensive networks across the region.
Koh calls the joint venture company one that can help drive the “upcoming tremendous” growth in trade volumes between the two countries.
“Leveraging on our existing business pillars such as distribution and services, Oceanus Group is on track to contribute significantly towards the economic development of Uzbekistan and greatly boost our competitive advantage in terms of greater market exposure,” says Koh.
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The establishment of Uzbekistan-Singapore Chamber of Commerce will allow Singapore to further bring its trade and economic relations with Uzbekistan to the next level, he adds.
Laziz Kudratov, Minister of Investments, Industry and Trade of Uzbekistan describes his country as one that is resource-rich while having a relatively young population of over 36 million.
“It is also a geographic pivot for the region, bordering all other Central Asian countries and Afghanistan, with transit connections in all directions,” he says.
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“We are delighted to work with an experienced partner like Oceanus to broaden the country’s investments worldwide,” says Kudratov.
Oceanus Group shares closed Jan 16 at 1.4 cents, down 6.67% for the day and down 53.33% over the past year.