India and Uzbekistan Aim to Boost Bilateral Trade
Union Minister of Commerce and Industry, Shri Piyush Goyal, has called upon businesses from India and Uzbekistan to collaborate on investment, manufacturing, and innovation, with an ambitious goal to double bilateral trade over the next three years. Speaking at the India-Uzbekistan Business Forum in New Delhi, Goyal emphasized the strong strategic partnership shared between the two nations, built on trust and mutual respect, which offers vast opportunities for economic growth.
Goyal welcomed the business delegation, highlighting the rich history and cultural ties that bind India and Uzbekistan, as well as the significant business potential that remains largely untapped. Although bilateral trade has reached approximately USD 1.5 billion, the Minister pointed out that this is just the beginning of what both economies can achieve together.
Opportunities Across Various Sectors
The Minister noted that India provides Uzbekistan with access to a growing market, a skilled workforce, and a foundation for innovation-led growth. The recent Bilateral Investment Treaty between the two countries is expected to enhance investor confidence and facilitate long-term partnerships, encouraging businesses to invest in each other’s markets.
Identifying key sectors for collaboration, Goyal mentioned substantial opportunities for Indian investment in Uzbekistan’s mining sector, as well as potential partnerships in textiles, taking advantage of Uzbekistan’s cotton production capabilities alongside India’s expertise in garment manufacturing and design.
In the pharmaceutical and healthcare sectors, Goyal pointed out India’s role as the ‘pharmacy of the world’ and expressed the potential for cooperation in modernizing Uzbekistan’s healthcare infrastructure through access to affordable medicines, medical devices, and telemedicine. He also suggested reviving traditional medicine systems like Ayurveda and Yoga as a pathway for deeper cooperation.
Collaboration in Agriculture and Technology
Shri Goyal proposed exploring synergies in agriculture and food processing, emphasizing how cooperation in these areas could build global value chains benefiting farmers in both nations. He stressed the importance of leveraging each country’s strengths to serve international markets.
Furthermore, India’s expertise in information technology and the digital economy is seen as an opportunity for collaboration. Goyal extended an invitation for Uzbekistan to work with India on developing digital public infrastructure and advancing cooperation in fields such as fintech and agri-tech.
Strengthening Economic Partnerships
The Minister remarked that the efforts of Indian Prime Minister Narendra Modi and Uzbek President Shavkat Mirziyoyev have revitalized bilateral relations, forging closer ties between the two nations and providing clear political direction for future partnerships. He urged businesses from both countries to deepen engagement, enhance economic ties, and create more job opportunities.
Highlighting the significance of trade in fostering strong relationships, Goyal called on businesses to eliminate trade barriers, improve mutual recognition of standards, and integrate customs systems to facilitate smoother commerce. Both governments are committed to establishing a structured, outcome-oriented economic partnership that benefits businesses and regulators alike.
In his closing remarks, Goyal inspired industry leaders to embrace this moment for collaboration by co-investing, co-manufacturing, and co-innovating for lasting partnerships that will benefit both economies. He reaffirmed India’s commitment to enhancing economic cooperation with Uzbekistan, seeking to foster stronger trade and investment ties.
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