Minister urges businesses to co-invest and deepen bilateral partnerships.
Union Minister of Commerce and Industry Piyush Goyal has invited businesses in India and Uzbekistan to co-invest, co-manufacture and co-innovate, while calling for efforts to double bilateral trade over the next three years. Addressing the India-Uzbekistan Business Forum in New Delhi, Goyal said the strategic partnership between the two countries offers significant opportunities to expand trade, investment and economic cooperation. He noted that bilateral trade has crossed approximately USD 1.5 billion and referred to the recently concluded Bilateral Investment Treaty (BIT), saying it would enhance investor confidence and encourage businesses from both countries to build long-term partnerships.
Goyal identified mining, textiles, pharmaceuticals and healthcare, agriculture and food processing, information technology, digital public infrastructure, engineering, advanced manufacturing, automotive components and automobiles as sectors with strong potential for collaboration. He said India would be happy to work with Uzbekistan in areas such as Digital Public Infrastructure, fintech, agri-tech and medtech, while also proposing renewed cooperation in traditional systems of medicine, including Ayurveda, Yoga and Unani. The Minister also called for reducing trade barriers, promoting mutual recognition of standards, increasing customs digitalisation and developing more efficient trade routes to facilitate bilateral commerce.
Source: Press Information Bureau (PIB)
