Union Commerce and Industry Minister Piyush Goyal on Monday invited businesses from India and Uzbekistan to expand cooperation through co-investment, co-manufacturing and innovation, while calling for efforts to double bilateral trade between the two countries over the next three years.
Addressing the India-Uzbekistan Business Forum in New Delhi, Goyal said the strategic partnership between the two countries, built on mutual trust, respect and shared economic goals, offers significant opportunities for expanding trade and investment ties.
Highlighting the potential of economic cooperation, Goyal said bilateral trade has crossed around USD 1.5 billion but remains below the capabilities of the two economies. He said India can offer Uzbekistan a large and growing market, a skilled workforce and an innovation-driven ecosystem.
The Commerce Minister said the Bilateral Investment Treaty (BIT), which was signed in September 2024 and came into force in May 2025, would create a more predictable investment environment and encourage businesses from both countries to forge long-term partnerships.
Goyal identified several sectors where both countries can deepen collaboration, including mining, textiles, healthcare, agriculture, digital technologies and advanced manufacturing. He said Uzbekistan presents opportunities for Indian investment in mining, while cooperation in textiles can benefit from Uzbekistan’s cotton production strengths and India’s expertise in manufacturing, design and global markets.
In healthcare and pharmaceuticals, Goyal said India can support Uzbekistan’s healthcare modernisation through affordable medicines, medical devices, diagnostics, telemedicine and training of healthcare professionals. He also called for reviving cooperation in traditional systems of medicine such as Ayurveda, Yoga and Unani, which have historical links with the region.
On agriculture and food processing, the minister highlighted the potential for collaboration in areas such as packaging, cold chains and agri-tech to develop global value chains benefiting farmers in both countries.
Goyal also underlined India’s readiness to work with Uzbekistan in information technology and the digital economy, including Digital Public Infrastructure, fintech, agri-tech and medtech. He said engineering components, automobile components and advanced manufacturing are other areas where both sides can explore greater cooperation.
The minister said the leadership of Prime Minister Narendra Modi and Mirziyoyev has given new momentum to bilateral ties by strengthening people-to-people connections and providing a clear direction for the partnership.
The Commerce Minister emphasised that businesses from both countries must play a larger role in expanding economic engagement by increasing investments, creating employment opportunities and developing sustainable commercial partnerships.
Additionally, Goyal called for reducing trade barriers, promoting mutual recognition of standards, improving approvals and certification processes, integrating customs systems through digitalisation and developing efficient trade routes to facilitate commerce.
He also stressed the need for stronger cooperation between regulators and standard-setting authorities to create a more business-friendly environment.
Further, Goyal urged companies from India and Uzbekistan to “co-invest, co-manufacture and co-innovate” to build lasting partnerships that strengthen economic growth and prosperity for both countries.
