India, Uzbekistan can leverage complementary strengths to capture global markets: Piyush Goyal
New Delhi, August 3
India and Uzbekistan can leverage their complementary strengths to jointly capture global markets as the two countries hardly compete in any area, Union Minister for Commerce and Industry Piyush Goyal said on the sidelines of the India-Uzbekistan Business Forum.
Goyal said India and Uzbekistan share "very deep and emotional cultural ties" and a traditional friendship, while the two countries' leaders also have a strong bond. He said the economic potential between India and Uzbekistan is "very promising" given the complementary strengths of the two economies.
"They have complementary strengths to India, we hardly compete in any area, so together we can look at capturing world markets," Goyal said.
The comments came as representatives from the two countries explored opportunities to deepen trade and investment ties across several sectors.
Uzbekistan's Minister of Investment, Industry and Trade Laziz Kudratov said there was strong interest among businesses from both countries, with more than 200 businessmen participating in the India-Uzbekistan Business Forum.
Kudratov said Uzbekistan could become a strategic partner for India across sectors including mining, critical minerals, chemicals, steel, automotive, textiles and agriculture. He highlighted Uzbekistan's significant deposits of gold, copper and uranium, noting that the country is among the top 10 globally in terms of deposits of these resources.
The Uzbek minister also pointed to opportunities in the automotive sector, saying Uzbekistan is one of the largest producers of cars and automotive parts in the region, while India brings technology and know-how that can complement its capabilities.
He said the two countries would work together on specific projects in trade and investment and emphasised that the complementary nature of their economies provides scope for cooperation across almost all sectors.
Kudratov said both governments would work to facilitate business contacts, create a conducive environment for companies and help businesses from the two countries interact more efficiently.
The two ministries have also agreed on an action plan focused on removing trade barriers and synchronising and harmonising standards and procedures.
Kudratov said the objective is to translate the growing business interest into greater trade and investment, with both sides expecting bilateral economic engagement to increase in the near future.
— ANI
Reader Comments
It's heartening to see India forge deeper ties with Uzbekistan. The mention of critical minerals and uranium is strategic - we need these for energy security. Let's hope the action plan on standards harmonization actually gets implemented on ground.
Finally, India is waking up to Central Asia's potential. For decades we ignored this region while China moved in. Goyal is right about complementary strengths - they have raw materials, we have IT and pharma. But 200 businessmen seems small; we need thousands. Also, direct flights between Delhi and Tashkent would help business travel.
This is a very promising development. The tourism angle is also huge - Samarkand and Bukhara are beautiful, and many Indians would love to visit. But we need to simplify visa processes first. Also, worth remembering that our textile industry could benefit from Uzbek cotton - we are the world's third largest cotton producer but still import extra-long staple cotton. Makes complete sense! 😊
A good headline, but history teaches caution. We announced similar partnerships with Central Asian countries a decade ago; trade volumes remain modest. The action plan to remove trade barriers sounds good, but execution has always been our weak point. Let's see concrete numbers in the next 18 months before celebrating.
India-Uzbekistan ties are rooted in shared history - from the Mughals to Bollywood! The automotive angle is interesting since Uzbekistan is known for its GM plant. I like the focus on critical minerals like uranium and copper, which align with our clean energy goals. This is strategic diplomacy done right. 👏
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