Uzbekistan-India: a vector for the development of trade and economic ties

Tashkent, Uzbekistan (UzDaily.com) -- Representatives of the Uzcharmsanoat Association as part of the delegation of Uzbekistan took part in a business forum on the implementation of trade, economic and investment agreements, included in the Road Maps for cooperation between the Republic of Uzbekistan and the Republic of India, as well as the development of new projects to expand mutually beneficial investment, technological, banking, financial and trade cooperation.

The heads of a number of state bodies and financial institutions of India took part in the business forum and negotiations in B2B format held in Delhi. The members of the delegation of Uzbekistan in the person of the leadership of relevant ministries, departments, organizations in detail informed the participants about the investment potential of the republic, benefits and preferences for foreign companies, promising areas of cooperation in international trade. Indian partners praised the measures taken in Uzbekistan to improve the business climate, as well as to increase the republic’s position in international ratings.

The delegation of the Uzcharmsanoat Association presented to its Indian partners the possibilities of the leather and footwear and fur industries of Uzbekistan, their development trends, investment attractiveness and prospects for cooperation. Along with this, within the framework of this event, business meetings and negotiations were held with the largest Indian manufacturers of leather, footwear and fur products, dedicated to the real prospects of mutually beneficial cooperation.

In particular, at meetings with the largest companies Discovery Leathers (P) Ltd., D’Oceanic Dolphin Apparels, the conditions of the projects, their financial, economic and production and technical parameters were discussed. Indian entrepreneurs have shown interest in expanding investment inflows in Uzbekistan. The parties agreed to study further actions in the implementation of joint projects.

Along with this, a meeting was held with the leadership of the Indian companies Etail Cunsultant Pvt Ltd, Triveni Turbine Limited, Rcindo Fintech Private Limited, KIWI Enterprises pvt. LTD, as well as with the president of Fashion Factory International, founded in 1985 and one of the largest manufacturers of leather clothing, woven products and accessories in India.

Mr. Lokesh Porashar, President of the Federation of Buying Agents Federation of Procurement Agents, spoke about the export of leather products, logistics and customs regulation: in particular, he praised the state for providing benefits and preferences to member enterprises of the Uzcharmsanoat Association. In his opinion, this significantly reduces the financial burden for entrepreneurs, and in turn allows them to optimize pricing and cover the market at different levels of purchasing power. Mr. Lokesh Porashar showed interest in finding and selecting potential customers for the purchase of leather and footwear products manufactured by manufacturers of the Republic of Uzbekistan, and expressed a desire to visit local enterprises to familiarize themselves with the leather production process.

Following the talks, agreements were reached on further cooperation, development and implementation of promising projects. Entrepreneurs from India expressed their willingness to visit Uzbekistan and take part in the international exhibition Uzcharmexpo 2019, which will be held in Tashkent in October 2019.