India, Uzbek agree to double bilateral trade in 3 years

New Delhi: Commerce and Industry Minister Piyush Goyal on Monday invited businesses from India and Uzbekistan to co-invest, co-manufacture and co-innovate, while calling for concerted efforts to double bilateral trade between the two countries over the next three years.

Addressing the India-Uzbekistan Business Forum here along with visiting Uzbek Investment, Industry, and Trade Minister Laziz Kudratov, the minister said the strategic partnership between the two countries, founded on mutual trust, respect, and a shared vision for prosperity, offers tremendous opportunities for expanding trade, investment and economic cooperation.

Goyal said India and Uzbekistan have an immense business potential that remains largely untapped. He observed that while bilateral trade has crossed approximately $1.5 billion, it represents only a fraction of what the two economies can achieve together.

The minister said India offers Uzbekistan not only a large and growing market but also a reliable partner, a skilled and youthful workforce, and a platform for innovation-led growth. Referring to the recently concluded Bilateral Investment Treaty between India and Uzbekistan, he said the agreement would enhance investor confidence and encourage businesses from both countries to invest in each other's economies and build long-term partnerships.