Union Minister of Commerce and Industry Piyush Goyal has called on businesses from India and Uzbekistan to co-invest, co-manufacture and co-innovate, while setting an ambitious target of doubling bilateral trade within the next three years.
Addressing the India-Uzbekistan Business Forum in New Delhi, the Minister said the strategic partnership between the two countries, built on mutual trust, respect and shared prosperity, offers immense opportunities for expanding trade, investment and economic cooperation.
Welcoming the Uzbek delegation, Goyal noted that although bilateral trade has crossed USD 1.5 billion, it represents only a fraction of the economic potential between the two nations. He described India as a reliable partner offering a vast and growing market, a skilled workforce and a strong innovation ecosystem.
The Minister highlighted the recently concluded Bilateral Investment Treaty (BIT) between India and Uzbekistan, stating that it would boost investor confidence and encourage businesses to establish long-term partnerships through cross-border investments.
Key Sectors for Collaboration
Goyal identified several sectors where the two countries can leverage complementary strengths:
Mining: Significant opportunities for Indian investments in Uzbekistan’s mineral sector.
Textiles: Combining Uzbekistan’s cotton production capabilities with India’s expertise in textile manufacturing, garment production and global exports.
Pharmaceuticals & Healthcare: India can support Uzbekistan’s healthcare modernization through affordable medicines, medical devices, diagnostics, telemedicine, training of healthcare professionals and quality healthcare services.
Traditional Medicine: Revival of cooperation in Ayurveda, Yoga and Unani systems, reflecting historical cultural links.
Agriculture & Food Processing: Collaboration in food processing, packaging, cold chain infrastructure and agri-tech to build resilient global value chains.
Digital Economy: India offered support in developing Digital Public Infrastructure (DPI) and expanding cooperation in fintech, agri-tech and medtech.
Advanced Manufacturing: Engineering goods, automotive components and automobile manufacturing were also identified as promising areas for future collaboration.
The Minister said the renewed momentum in bilateral ties, driven by Prime Minister Narendra Modi and Uzbekistan President Shavkat Mirziyoyev, has created a strong foundation for deeper economic engagement.
He emphasized that businesses must play a leading role in unlocking the full potential of the partnership by increasing investments, expanding commercial ties and creating employment opportunities in both countries.
Focus on Trade Facilitation
Calling trade the cornerstone of India-Uzbekistan relations, Goyal urged both sides to work towards eliminating trade barriers, promoting mutual recognition of standards, streamlining approvals, testing and certification procedures, integrating customs systems through digitalisation, and developing more efficient trade routes.
He added that both governments are working towards a structured, time-bound and outcome-oriented economic partnership, while encouraging regulators and standard-setting bodies to strengthen cooperation to make cross-border business easier.
Concluding his address, Goyal urged industry leaders to seize the opportunity, stating that this is the time to “co-invest, co-manufacture and co-innovate” to build enduring partnerships that deliver scale, resilience and shared prosperity for both India and Uzbekistan.
