Commerce Minister Piyush Goyal sets an ambitious target as India and Uzbekistan look to unlock untapped potential across mining, textiles and technology.
Commerce and Industry Minister Piyush Goyal called for doubling bilateral trade between India and Uzbekistan over the next three years, citing significant untapped potential in key sectors, while addressing the India-Uzbekistan Business Forum alongside Uzbekistan’s Minister of Investment, Industry and Trade, Laziz Kudratov. Current bilateral trade has crossed approximately $1.5 billion, representing only a fraction of what the two economies can achieve together. Goyal highlighted opportunities in information technology and digital public infrastructure on India’s side, and mining and cotton production on Uzbekistan’s side, while suggesting the possibility of negotiating a free trade agreement. He also pointed to cooperation potential in fintech, agri-tech, medtech, digital infrastructure, engineering goods and automotive components, and referenced the recently concluded Bilateral Investment Treaty as a step that would boost investor confidence. Around 400 Indian companies are currently operating in Uzbekistan.
Source: KNN India / The Hans India / Business Standard, 3 August 2026
