Goyal Calls to Double India-Uzbekistan Bilateral Trade

Indian Minister of Commerce and Industry, Piyush Goyal, urged businesses from India and Uzbekistan to pursue joint ventures in investment, manufacturing, and innovation, while simultaneously setting a goal to double bilateral trade between the two nations within the next three years.

During his address at the India-Uzbekistan Business Forum in New Delhi, the minister highlighted that the strategic alliance between India and Uzbekistan, founded on mutual trust, respect, and a shared vision for prosperity, presents significant opportunities for expanding trade, investment, and economic collaboration.

Goyal welcomed the delegation, observing that India and Uzbekistan share not only a rich history and deep cultural connections but also substantial, largely untapped business potential. He noted that while two-way trade has surpassed $1.5 billion, this figure represents only a fraction of what the two economies could achieve together.

The minister underscored that India offers Uzbekistan a large and expanding market, a dependable partner, a skilled and youthful workforce, and a platform for innovation-driven growth. He referenced the recently finalized bilateral investment treaty between India and Uzbekistan, stating that this agreement would boost investor confidence and encourage businesses from both countries to invest in each other's economies, thereby fostering long-term partnerships.

Goyal identified several sectors with high potential for bilateral cooperation. He pointed to considerable opportunities for Indian investment in Uzbekistan's mining sector. He also highlighted prospects for collaboration in the textile industry, noting Uzbekistan's strong position in cotton production and India's leadership in the textile sector, which together create opportunities for joint development in garment manufacturing, design, and access to global markets.

In the pharmaceutical and healthcare sectors, the minister stated that India, recognized as the "pharmacy of the world," could 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 revitalizing cooperation in traditional medicine systems—Ayurveda, Yoga, and Unani—which historically have ties to the Uzbek region.

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

The minister also emphasized India's readiness to collaborate 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 remarked that Indian Prime Minister Narendra Modi and President of Uzbekistan Shavkat Mirziyoyev have injected new momentum into bilateral relations, bringing the peoples of the two countries closer and providing clear political direction for the partnership. According to him, the full potential of these relations can only be realized through deeper engagement between businesses from both sides, expanded economic ties, increased investments, and the creation of new jobs.

Emphasizing that trade must be the driving force of bilateral relations, Goyal urged entrepreneurs to capitalize on emerging opportunities to forge long-term commercial partnerships. He highlighted the need to eliminate trade barriers, achieve mutual recognition of standards, approval procedures, testing, and certification, integrate customs systems through digitalization, and establish more efficient trade routes to facilitate commerce.

He stated that the governments of both countries are working to build a more structured, time-bound, and outcome-oriented economic partnership, and that 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 strengthened trade, investment, and business ties.