Uzbekistan and India Discuss New Investment Projects at Business Forum

**Uzbekistan and India Explore New Investment Opportunities at Business Forum**

New Delhi hosted the India–Uzbekistan Business Forum on August 3, gathering government officials and business leaders to deliberate on enhancing trade, economic, and investment collaboration between the two nations.

Attendees included Laziz Kudratov, Uzbekistan's Minister of Investments, Industry and Trade, and Piyush Goyal, India's Minister of Commerce and Industry. Also present were high-ranking representatives from the Federation of Indian Chambers of Commerce and Industry (FICCI), Invest India, and over 100 business delegates.

Discussions centered on the current status of bilateral cooperation, pinpointing crucial areas for future growth, and strategizing ways to fortify trade and investment relationships.

A key highlight was the 30% surge in bilateral trade last year, which for the first time exceeded US$1.3 billion. Both countries expressed an ambition to elevate trade turnover to US$2 billion by streamlining market access, simplifying trade protocols, and reducing administrative hurdles. A memorandum of understanding on trade facilitation is currently in preparation to support this goal.

The forum also underscored the synergistic nature of the two economies. Uzbekistan aims to boost exports of agricultural and food products, fertilizers, chemicals, non-ferrous metals, textiles, electrical equipment, and other industrial goods. Concurrently, imports from India could see an increase in pharmaceuticals, technologies, machinery, industrial equipment, and automotive components.

Investment cooperation was a significant focus. Approximately 400 enterprises with Indian capital are currently active in Uzbekistan, and the combined value of the joint investment project portfolio surpasses US$5 billion.

Future collaboration will prioritize metallurgy, mining, the chemical industry, energy, digital infrastructure, pharmaceuticals, healthcare, mechanical engineering, and agriculture. Discussions also encompassed projects for advanced raw material processing, production localization, renewable energy development, data centers, modern healthcare facilities, and agro-industrial infrastructure.

During B2B and G2B sessions, business representatives and government officials examined specific proposals, funding mechanisms, and potential models for cooperation.

The Ministry of Investments, Industry and Trade of Uzbekistan reiterated its dedication to supporting promising investment projects throughout their lifecycle, from site selection and financing to commissioning.

The forum concluded with an agreement to concentrate on executing the most progressive initiatives and further solidifying the Uzbekistan–India business partnership.