India and Uzbekistan to Expand Energy, Metals Cooperation

India and Uzbekistan are set to broaden their collaboration in trade, economics, and investment, with a specific emphasis on the mining, metallurgy, and green energy sectors, as reported by the Dunyo news agency, referencing an article in India's The Economic Times.

Prior to Indian Prime Minister Narendra Modi's forthcoming trip to Tashkent, a business forum took place in New Delhi. During this event, Uzbek officials encouraged Indian investors to increase their involvement in mining and metallurgy initiatives, particularly in the processing of gold, copper, uranium, and rare earth metals.

Meetings were held between Uzbek Foreign Minister Bakhtiyor Saidov and Minister of Investment, Industry and Trade Laziz Kudratov, and their Indian counterparts, Foreign Minister Subrahmanyam Jaishankar and Minister of Commerce and Industry Piyush Goyal.

Discussions centered on boosting bilateral trade to US$2 billion in the immediate future, with subsequent plans to elevate this figure to between US$3 billion and US$5 billion.

The Economic Times highlighted Uzbekistan's position among the top 10 global leaders in gold, copper, and uranium reserves. Currently, approximately 400 businesses with Indian capital operate in Uzbekistan, and the total value of joint projects surpasses US$5 billion.

Beyond mining, key areas for cooperation include the chemical industry, renewable energy, pharmaceuticals, and automotive manufacturing.

Specifically, both nations are exploring opportunities to expand mineral fertilizer production in Uzbekistan and to increase the proportion of green energy to 54% by 2030.

In the pharmaceutical sector, the joint production of medicines and vaccines with Indian companies Dr. Reddy's and Cipla was identified as a promising venture. Additionally, the localization of automotive component manufacturing is under consideration.