Uzbek-Indian Business Forum on pharmaceutics and chemical industry takes place in Tashkent
Tashkent, Uzbekistan (UzDaily.com) --
On 22 February 2018, the Chamber of Commerce and Industry of Uzbekistan jointly with the Agency for Development of Pharmaceutical Industry held an Uzbek-Indian Business Forum on Pharmaceutical and Chemical Industry with the participation of the State Minister of Chemical Industry and Fertilizers of India Mansukh Mandavia.
The main goal of the event is to promote establishment and expansion of trade ties between the entrepreneurs of the two countries, growth of the number of new joint ventures and increase bilateral trade.
During the event, issues of mutual cooperation on strengthening cooperation between entrepreneurs of the two countries were discussed.
During the forum, it was noted that Uzbekistan attaches great importance to expanding trade and economic and investment cooperation with India, establishing closer relations between our business circles, attracting new Indian companies to participate in production projects in the country.
Trade relations between the two countries are carried out in the free trade regime. It should be reminded that within the framework of the visit of the delegation of Uzbekistan to India and following the results of the business forum, 22 contracts worth more than US$80 million were signed, as well as 20 investment agreements worth over US$70 million.
At the end of 2017, trade turnover between Uzbekistan and India made up US$323.6 million, including exports - US$32.5 million and imports - US$291.1 million.
Uzbekistan exports to India such goods as fruits and vegetables, transport and tourist services, nitrogen fertilizers, vegetable juices and extracts, vehicles and their parts, raw silk, leather raw materials prevail.
The main item of imports from India to Uzbekistan is pharmaceutical products, as well as mechanical and electrical equipment, spare parts for cars, transport and tourism services, optical devices and devices, chemical products, organic chemicals, rubber and rubber products, tobacco raw materials and waste.
Currently, 101 enterprises operate in Uzbekistan with the participation of Indian capital, including 15 with 100% foreign capital. The main directions of their activity are production of medicines, textile products, detergents, processing of tanning raw materials and agricultural products, production of consumer goods, rendering of tourist services, wholesale and retail trade. Representatives of 16 Indian companies are accredited at Ministry of Foreign Trade of Uzbekistan.