Union Minister of Commerce and Industry Shri Piyush Goyal addressed the India-Uzbekistan Business Forum in New Delhi, calling for concerted efforts to double bilateral trade between the two countries from the current approximately $1.5 billion over the next three years. The Minister emphasized that the strategic partnership, founded on mutual trust and shared vision for prosperity, offers tremendous opportunities for expanding trade, investment and economic cooperation.
Goyal highlighted the recently concluded Bilateral Investment Treaty between India and Uzbekistan as a key instrument that would enhance investor confidence and encourage businesses from both countries to invest in each other's economies. He identified several specific sectors with strong complementarities for bilateral collaboration, including substantial opportunities for Indian investment in Uzbekistan's mining sector and cooperation in textiles leveraging Uzbekistan's cotton production and India's textile industry leadership.
In pharmaceuticals and healthcare, India proposed supporting Uzbekistan's healthcare modernization through affordable medicines, medical devices, diagnostics, telemedicine, and training of medical professionals, while also reviving cooperation in traditional medicine systems like Ayurveda and Unani. The Minister also outlined opportunities in agriculture and food processing through cooperation in processing, packaging, cold chains and agri-tech to build global value chains.
Digital economy collaboration featured prominently, with India offering to work with Uzbekistan on developing Digital Public Infrastructure and strengthening cooperation in fintech, agri-tech and medtech. Additional promising avenues included engineering components, advanced manufacturing, automotive components and automobiles.
Goyal emphasized that both governments are working toward a more structured, time-bound and outcome-oriented economic partnership, calling for elimination of trade barriers, mutual recognition of standards, approvals, testing and certification processes, and integration of customs systems through greater digitalization to create more efficient trade routes. The Minister directly urged businesses to co-invest, co-manufacture and co-innovate to build partnerships that provide scale, resilience and prosperity for both economies.