India-Uzbekistan Trade Can Be Doubled In 3 Years: Piyush Goyal

New Delhi, Aug 3 (KNN) Commerce and Industry Minister Piyush Goyal on Monday called for doubling bilateral trade between India and Uzbekistan over the next three years, citing significant untapped potential in key sectors.

Speaking at the India-Uzbekistan Business Forum, Goyal said trade must play a leading role in strengthening economic ties between the two countries. Current bilateral trade stands at around USD 1.5 billion.

Push for investment and deeper economic engagement

The minister urged businesses from both sides to invest in each other’s economies and build long-term partnerships. He highlighted that India offers strengths in areas such as information technology, a skilled workforce, and digital public infrastructure, while Uzbekistan presents opportunities in mining and cotton production.

Goyal also suggested exploring the possibility of negotiating a free trade agreement, describing it as a promising idea to enhance economic cooperation.

Expanding sectoral collaboration

The minister identified several sectors with strong potential for collaboration, including pharmaceuticals, healthcare, textiles, agriculture, food processing, and advanced manufacturing. He noted that India could support Uzbekistan’s healthcare sector through affordable medicines, medical devices, diagnostics, and training.

In textiles, he pointed to opportunities to combine Uzbekistan’s cotton production with India’s expertise in textile manufacturing and design to expand into global markets.

He also emphasised cooperation in areas such as fintech, agri-tech, medtech, and digital infrastructure, alongside engineering goods and automotive components.

Supportive policy framework

Referring to the recently concluded Bilateral Investment Treaty, Goyal said it would boost investor confidence and encourage cross-border investments. He also called for reducing trade barriers, improving mutual recognition of standards, and enhancing digital integration of customs systems to facilitate smoother trade flows.

Uzbekistan seeks greater Indian investment

Around 400 Indian companies are currently operating in Uzbekistan. Uzbekistan’s Minister of Investment, Industry and Trade, Laziz Kudratov, said bilateral trade remains below potential and called for joint efforts to increase it. He invited Indian investments in sectors such as steel, pharmaceuticals, healthcare, mining, and automobiles.

(KNN Bureau)