India and Uzbekistan Aim to Double Bilateral Trade Within Three Years, Says Piyush Goyal
India and Uzbekistan should target doubling their two-way trade within the next three years, stated India’s Commerce and Industry Minister Piyush Goyal at the India-Uzbekistan Business Forum meeting. Emphasizing that economic ties must be led by trade expansion, Goyal highlighted immense potential for collaboration across sectors like mining, pharmaceuticals, and healthcare.
What Happened
During the India-Uzbekistan Business Forum meeting, Commerce and Industry Minister Piyush Goyal urged business leaders and officials from both nations to expand mutual investments and aim to double two-way commerce. Current bilateral trade between India and Uzbekistan stands at approximately $1.5 billion. Goyal noted that trade must take the lead in strengthening overall economic ties. Additionally, Goyal suggested that exploring a free trade agreement between the two countries represents a promising idea that both sides could examine.
Speaking at the same forum, Uzbekistan’s Minister of Investment, Industry and Trade, Laziz Kudratov, agreed that current trade figures remain well below their true potential and called for active measures to raise trade volumes. Kudratov shared that around 400 Indian enterprises are presently operating in Uzbekistan and invited further Indian investments into sectors such as steel, healthcare, pharmaceuticals, mining, and the automotive industry.
Key Highlights
- Trade Target: Proposal to double current bilateral trade, which is presently around $1.5 billion, over the next three years.
- Potential Free Trade Agreement: Minister Goyal highlighted negotiating a free trade agreement as a promising idea for consideration.
- Indian Strengths: Goyal emphasized India’s capabilities in information technology, a skilled workforce, and digital public infrastructure.
- Uzbekistan Opportunities: Goyal pointed to opportunities in Uzbekistan regarding mining and cotton production.
- Indian Presence: Laziz Kudratov confirmed that about 400 Indian companies are currently operational in Uzbekistan.
- Priority Investment Sectors: Kudratov sought Indian investment in steel, pharmaceuticals, healthcare, mining, and auto industries.
Why This Matters
The current trade level of $1.5 billion is viewed by ministers from both nations as being far below its actual potential. By focusing on complementary strengths—such as India’s IT and digital public infrastructure alongside Uzbekistan’s mining and cotton capabilities—both countries aim to build deeper economic links and encourage cross-border business investments.
What to Watch Next
Future developments will depend on whether both nations take steps toward negotiating a free trade agreement and how businesses leverage investment opportunities across sectors such as steel, auto, mining, healthcare, and pharmaceuticals.
Frequently Asked Questions
What is the current bilateral trade volume between India and Uzbekistan?
Two-way trade between India and Uzbekistan currently stands at approximately $1.5 billion.
How many Indian companies are currently operating in Uzbekistan?
According to Uzbekistan’s Minister of Investment, Industry and Trade Laziz Kudratov, about 400 Indian companies are operational in Uzbekistan.
What sectors were highlighted for future cooperation and investment?
Key sectors identified for cooperation and investment include mining, pharmaceuticals, healthcare, steel, automotive, cotton production, IT, and digital public infrastructure.
Source: The Hindu Business Line