New Delhi, 03 August (H.S.): Union Commerce and Industry Minister Piyush Goyal on Monday called for strengthening economic cooperation between India and Uzbekistan, stating that both countries should aim to double their bilateral trade within the next three years. He highlighted significant opportunities for collaboration in sectors such as mining, pharmaceuticals and healthcare.

Addressing the India-Uzbekistan Business Forum meeting in New Delhi, Goyal said that trade must play a leading role in deepening economic ties between the two countries. Currently, bilateral trade between India and Uzbekistan stands at around USD 1.5 billion.

Speaking at the forum, Goyal said, “Let us set a target of doubling bilateral trade in the next three years.” He also urged businesses from both nations to increase investments in each other’s economies. He said the target could be achieved through greater investments, reducing trade barriers and enhancing cooperation in key sectors including healthcare and pharmaceuticals.

The Commerce Minister said India has strong capabilities in areas such as information technology (IT), skilled manpower and digital public infrastructure, while Uzbekistan offers significant opportunities in sectors like mining and cotton production. He added that initiating discussions on a Free Trade Agreement (FTA) between the two countries would be a positive step and both sides could move forward in that direction.

Speaking on the occasion, Uzbekistan’s Minister of Investment, Industry and Trade Laziz Kudratov said that the current level of trade between the two countries remains far below its actual potential. He stressed the need for joint efforts to expand economic engagement.

Kudratov highlighted that around 400 Indian companies are currently operating in Uzbekistan and invited greater Indian investment in sectors including steel, pharmaceuticals, healthcare, mining and automobiles.

Both sides emphasised the need to enhance business cooperation and explore new avenues of investment to further strengthen the strategic economic partnership between India and Uzbekistan.

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Hindusthan Samachar / Jun Sarkar