Indian Economy News

Union Minister of Commerce and Industry Mr. Piyush Goyal Invites Indian and Uzbek Businesses to Co-invest and Co-manufacture

Union Minister of Commerce and Industry Mr. Piyush Goyal invited Indian and Uzbek businesses to co-invest, co-manufacture and co-innovate at the India-Uzbekistan Business Forum in New Delhi, while calling for concerted efforts to double bilateral trade within the next three years. Bilateral trade between the two countries has crossed approximately Rs. 14,473.50 crore (US$ 1.52 billion) highlighting significant potential for further expansion. The recently concluded India-Uzbekistan Bilateral Investment Treaty (BIT) is expected to strengthen investor confidence and encourage long-term investments. India's large domestic market, skilled workforce and innovation-led growth, combined with Uzbekistan's strategic location and resource base, are expected to create new opportunities for trade, investment and industrial collaboration.

Several sectors were identified for strengthening bilateral cooperation, including mining, textiles, pharmaceuticals, healthcare, agriculture, food processing, information technology, Digital Public Infrastructure (DPI), fintech, agri-tech, medtech, engineering goods, advanced manufacturing, automotive components and automobiles. Collaboration in textiles will leverage Uzbekistan's cotton production and India's manufacturing capabilities, while cooperation in pharmaceuticals, healthcare and digital technologies is expected to support innovation and capacity building. Both countries also emphasised the need to reduce trade barriers, promote mutual recognition of standards and certifications, integrate customs systems through greater digitalisation and improve trade connectivity. These initiatives are expected to deepen economic engagement, promote investment, create employment opportunities and strengthen the long-term India-Uzbekistan strategic economic partnership.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.