India, Uzbekistan Aim to Double Bilateral Trade in Three Years; Piyush Goyal Calls for Greater Business Collaboration

Union Minister of Commerce and Industry Shri Piyush Goyal has called upon businesses from India and Uzbekistan to strengthen economic cooperation through joint investments, manufacturing partnerships and innovation-driven collaborations. Addressing the India-Uzbekistan Business Forum in New Delhi, the Minister stressed the need for concerted efforts to double bilateral trade between the two countries within the next three years.

Highlighting the strong foundation of the India-Uzbekistan strategic partnership, Shri Goyal said the relationship is built on mutual trust, historical ties and a shared commitment towards economic growth. He noted that both nations have significant opportunities to expand trade, investment and industrial cooperation, with business engagement playing a crucial role in achieving greater economic integration.

The Minister pointed out that bilateral trade between India and Uzbekistan has already crossed approximately USD 1.5 billion. However, he observed that the current volume represents only a small portion of the potential that exists between the two economies. He encouraged businesses from both countries to explore new opportunities and create partnerships that can generate sustainable growth.

Shri Goyal said India can offer Uzbekistan a large consumer market, a skilled workforce and a vibrant ecosystem driven by innovation and entrepreneurship. Referring to the recently concluded Bilateral Investment Treaty between the two countries, he said the agreement would provide greater confidence to investors and encourage long-term business partnerships.

The Minister identified several sectors where India and Uzbekistan can work together to unlock new opportunities. He highlighted mining as one of the key areas where Indian companies can explore investments in Uzbekistan. He also emphasised the potential of the textile sector, pointing out that Uzbekistan’s strength in cotton production and India’s expertise in textile manufacturing can complement each other.

According to Shri Goyal, cooperation in textiles can extend beyond raw material trade to areas such as garment manufacturing, design, value addition and access to global markets. Such partnerships can help both countries enhance their presence in international textile supply chains.

The Minister also underlined the importance of collaboration in pharmaceuticals and healthcare. He said India, known globally as the “pharmacy of the world,” can support Uzbekistan’s healthcare development by providing affordable medicines, medical devices, diagnostic solutions and advanced healthcare services. He also suggested strengthening cooperation in telemedicine, medical training and traditional systems of medicine, including Ayurveda, Yoga and Unani, which have historical connections with the region.

Agriculture and food processing were highlighted as another major area of cooperation. Shri Goyal said India and Uzbekistan can jointly develop global value chains through collaboration in food processing, packaging technologies, cold storage infrastructure and agricultural technology. Such initiatives can benefit farmers, improve supply chains and enhance exports to international markets.

Speaking about the digital economy, the Minister invited Uzbekistan to collaborate with India in areas such as Digital Public Infrastructure, fintech, agri-tech and medtech. He said India’s experience in building digital platforms can support Uzbekistan’s digital transformation journey.

He also identified engineering components, advanced manufacturing, automobile components and automobiles as promising sectors for future cooperation. Greater collaboration in these areas can strengthen industrial capabilities and create employment opportunities in both countries.

Shri Goyal credited the leadership of Prime Minister Shri Narendra Modi and Uzbekistan President H.E. Mr. Shavkat Mirziyoyev for providing fresh momentum to bilateral relations. He said political commitment from both sides has brought the people of the two nations closer and created a favourable environment for deeper economic engagement.

Emphasising that trade should remain at the centre of bilateral relations, the Minister called for reducing trade barriers, improving mutual recognition of standards, streamlining approval and certification procedures, and enhancing digital integration of customs systems. He also stressed the need for developing efficient trade routes to facilitate smoother movement of goods and services.

Calling upon industry leaders to take advantage of emerging opportunities, Shri Goyal said businesses must move beyond traditional trade and focus on creating long-term partnerships. He urged companies from both countries to “co-invest, co-manufacture and co-innovate” to build stronger, more resilient economies.

The Minister reaffirmed India’s commitment to expanding economic cooperation with Uzbekistan and creating a partnership focused on shared prosperity, investment growth and greater integration into global markets.