New Delhi, August 3: Union Commerce and Industry Minister Piyush Goyal stated on Monday that there are immense bilateral trade opportunities between India and Uzbekistan, particularly in sectors such as mining, textiles, healthcare, and medical devices.
Addressing the India-Uzbekistan Business Forum in the presence of Uzbekistan’s Minister of Investment, Industry, and Trade, Laziz Kudratov, Goyal encouraged entrepreneurs from both nations to collaborate on investment, manufacturing, and innovation. He emphasized the need for both countries to focus on doubling their bilateral trade within the next three years.
The minister further noted that a strategic partnership based on mutual trust, respect, and a shared vision of prosperity offers numerous chances to enhance trade, investment, and economic cooperation.
Goyal remarked that while trade between India and Uzbekistan has reached approximately $1.5 billion, this figure represents only a small fraction of the potential that both economies can achieve together. He highlighted that India not only provides Uzbekistan with a large and growing market but also serves as a reliable partner, offering a skilled and youthful workforce, along with a platform for innovation-driven growth.
Referring to the recent bilateral investment treaty between India and Uzbekistan, he stated that this agreement would bolster investor confidence and encourage businesses from both countries to invest in each other’s economies, fostering long-term partnerships.
Goyal identified several sectors with strong potential for mutual cooperation that present significant opportunities for bilateral collaboration. He pointed out that Uzbekistan offers substantial prospects for Indian investment in the mining sector and emphasized the possibilities for collaboration in textiles. He noted Uzbekistan’s strength in cotton production and India’s leading role in the textile industry, highlighting opportunities for joint expansion in garment manufacturing, design, and global markets.
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