Commerce and Industry Minister Piyush Goyal has said that India and Uzbekistan should work towards doubling their bilateral trade over the next three years, highlighting significant opportunities for collaboration in sectors such as mining, pharmaceuticals, and healthcare. Bilateral trade between the two countries currently stood at around $1.5 billion.
Addressing businesses from both nations, Goyal said trade must play a leading role in deepening economic ties and encouraged companies to invest in each other's economies. He noted that India has strong capabilities in areas like information technology, a skilled workforce, and digital public infrastructure, while Uzbekistan offers vast potential in areas such as mining and cotton production.
The minister also proposed exploring the possibility of a Free Trade Agreement (FTA) between India and Uzbekistan, describing it as a promising idea to further strengthen commercial relations. He added that about 400 Indian companies are operational in Uzbekistan. He sought Indian investments in key sectors such as steel, pharma, healthcare, mining, and automobiles.
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