India and Uzbekistan to Expand Energy, Metals Cooperation

Tashkent, Uzbekistan (UzDaily.uz) — India and Uzbekistan plan to expand trade, economic and investment cooperation, with a particular focus on mining and metallurgy and green energy. The Dunyo news agency reported, citing a publication by India’s The Economic Times.

According to the publication, a business forum was held in New Delhi ahead of Indian Prime Minister Narendra Modi’s upcoming visit to Tashkent. Uzbek representatives called on Indian investors to take a more active role in mining and metallurgy projects, including the processing of gold, copper, uranium and rare earth metals.

Uzbek Foreign Minister Bakhtiyor Saidov and Minister of Investment, Industry and Trade Laziz Kudratov held meetings with Indian Foreign Minister Subrahmanyam Jaishankar and Minister of Commerce and Industry Piyush Goyal.

The sides discussed increasing bilateral trade to US$2 billion in the near term. The figure is subsequently planned to reach US$3 billion-US$5 billion.

According to The Economic Times, Uzbekistan is among the world’s 10 leading countries in terms of gold, copper and uranium reserves. Around 400 enterprises with Indian capital currently operate in Uzbekistan, while the overall portfolio of joint projects exceeds US$5 billion.

In addition to mining, priority areas of cooperation include the chemical industry, renewable energy, pharmaceuticals and automotive manufacturing.

In particular, the sides are considering prospects for expanding mineral fertilizer production in Uzbekistan and increasing the share of green energy to 54% by 2030.

In the pharmaceutical sector, joint production of medicines and vaccines with Indian companies Dr. Reddy's and Cipla was identified as a promising area. The sides are also considering localizing the production of automotive components.