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 invited businesses from both nations to co-invest, co-manufacture and co-innovate, emphasizing that the strategic partnership founded on mutual trust and shared vision 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 strength and India's textile industry leadership.
In pharmaceuticals and healthcare, India proposed supporting Uzbekistan's healthcare modernization through affordable medicines, medical devices, diagnostics, telemedicine, training of medical professionals, and quality healthcare services, while also proposing to revive cooperation in traditional systems of medicine like Ayurveda, Yoga and Unani. The Minister also emphasized cooperation opportunities in agriculture and food processing through food processing, packaging, cold chains and agri-tech to build global value chains.
Goyal underlined India's readiness to collaborate in information technology and digital economy, including developing Digital Public Infrastructure and strengthening cooperation in fintech, agri-tech and medtech. Additional promising avenues identified included engineering components, advanced manufacturing, automotive components and automobiles.
The Minister emphasized that both governments are working towards a more structured, time-bound and outcome-oriented economic partnership, calling for eliminating trade barriers, promoting mutual recognition of standards, approvals, testing and certification processes, and integrating customs systems through greater digitalization. He noted that Prime Minister Narendra Modi and Uzbekistan President Shavkat Mirziyoyev have imparted new dynamism to bilateral relations, providing clear political direction for the partnership.