Tashkent, Uzbekistan (UzDaily.com) -- Heads of the Agency for State Assets Management of the Republic of Uzbekistan (AUGA) and the State Bankruptcy Committee under the Administration of the Prime Minister of Malaysia (Malaysian Department of Insolvency - MDI) held online talks today, Dunyo news agency reported.

The videoconference from the Uzbek side was attended by the Ambassador of Uzbekistan to Malaysia Ravshan Usmanov and Deputy Director of the State Assets Management Agency Tulkin Nabiyev, from the Malaysian side - MDI General Director Anita Harun.

During the negotiations, an exchange of best practices on improving issues of resolving the insolvency of enterprises and bankruptcy procedures, as well as the introduction of online services in these areas took place.

Anita Harun highly appreciated the socio-economic reforms carried out in Uzbekistan aimed at further supporting the population and business. In her opinion, at present, against the background of the pandemic and its negative consequences, the urgency of comprehensive assistance to the most affected sectors of the economy in order to maintain production and ensure employment of the population is increasing.

The Malaysian side expressed interest in the further development and expansion of cooperation between MDI and AUGA in areas of mutual interest.

As a result of the negotiations, agreements were reached on providing advisory assistance to AUGA in the development of a draft law of the Republic of Uzbekistan on insolvency, attracting MDI experts on a remote basis to conduct thematic events (webinars and master classes) and consider the possibility of exchanging personnel.

The Malaysian State Insolvency Committee was established in 1995 and is the main government agency dealing with insolvency and bankruptcy issues. MDI has its own divisions in each region of the country. The main activity is to resolve the insolvency of enterprises, determine the debt and distribute payments to creditors.