Goyal Calls to Double India-Uzbekistan Bilateral Trade

Tashkent, Uzbekistan (UzDaily.uz) — Indian Minister of Commerce and Industry Piyush Goyal called on Indian and Uzbek businesses to engage in joint investments, joint manufacturing, and joint innovation, while setting a target to double bilateral trade between the two countries over the next three years.

Speaking at the India-Uzbekistan Business Forum in New Delhi, the minister stated that the strategic partnership between the two countries, built on mutual trust, respect, and a shared vision for prosperity, opens broad opportunities for expanding trade, investment, and economic cooperation.

Welcoming the delegation, Goyal noted that India and Uzbekistan are bound not only by a rich shared history and deep cultural ties, but also by significant business potential that remains largely untapped. According to him, two-way trade turnover has crossed the $1.5 billion mark, yet this represents only a small fraction of what the two economies can achieve together.

The minister emphasized that India offers Uzbekistan not only a large and growing market, but also a reliable partner, a skilled and youthful workforce, and a platform for innovation-driven growth. Referring to the recently concluded bilateral investment treaty between India and Uzbekistan, he noted that the agreement will enhance investor confidence and encourage businesses from both countries to invest in each other's economies, building long-term partnerships.

Goyal highlighted several sectors with high potential for bilateral cooperation. He pointed to significant opportunities for Indian investment in Uzbekistan's mining sector. He also noted prospects for interaction in the textile industry, highlighting Uzbekistan's strong position in cotton production and India's leadership in the textile sector, which creates opportunities for joint development of garment manufacturing, design, and entry into global markets.

In the pharmaceutical and healthcare sectors, the minister stated that India, known as the "pharmacy of the world," can assist in modernizing Uzbekistan's healthcare system through affordable medicines, medical equipment, diagnostics, telemedicine, training of medical personnel, and quality healthcare services.

He also proposed reviving cooperation in traditional systems of medicine—Ayurveda, Yoga, and Unani—which historically have links to the Uzbek region.

Speaking on agriculture and product processing, Goyal noted that cooperation in food processing, packaging, cold chains, and agricultural technologies can form global value chains beneficial to farmers in both countries while targeting international markets through complementary strengths.

The minister also emphasized India's readiness to cooperate with Uzbekistan in information technology and the digital economy, expressing willingness to assist in developing digital public infrastructure and strengthening interaction in fintech, agritech, and medtech.

He added that promising areas for cooperation also include component manufacturing, advanced engineering, auto parts, and automotive manufacturing.

Goyal noted that Indian Prime Minister Narendra Modi and President of Uzbekistan Shavkat Mirziyoyev have given fresh momentum to bilateral relations, bringing the peoples of the two countries closer together and providing a clear political direction for the partnership.

According to him, the full potential of relations can only be realized if engagement between the businesses of both sides deepens, economic ties expand, investments grow, and new jobs are created.

Emphasizing that trade must serve as the driving force of bilateral relations, Goyal urged entrepreneurs to seize emerging opportunities to build long-term commercial partnerships.

He pointed to the need to eliminate trade barriers, achieve mutual recognition of standards, approval procedures, testing, and certification, integrate customs systems through digitalization, and create more efficient trade routes to facilitate commerce.

According to him, the governments of the two countries are working to build a more structured, time-bound, and outcome-oriented economic partnership, and regulatory and standard-setting authorities should interact more actively to support businesses on both sides.

Concluding his speech, the minister reaffirmed India's commitment to deepening its economic partnership with Uzbekistan through the strengthening of trade, investment, and business ties.