Union Commerce and Industry Minister Piyush Goyal said on Monday that India and Uzbekistan have immense potential to increase bilateral trade. He identified mining, textiles, healthcare, and medical devices as key areas for cooperation.
Speaking at the India-Uzbekistan Business Forum, with Uzbekistan's Minister of Investment, Industry and Trade Laziz Kudratov present, Goyal encouraged businesses from both countries to collaborate on investment, manufacturing, and innovation. He said the two countries should focus on doubling bilateral trade within the next three years.
Goyal noted that bilateral trade has reached about $1.5 billion, but this is a small fraction of the true potential of both economies. He stressed the need to identify new areas for trade and investment to strengthen economic ties.
Referring to the recent bilateral investment treaty, Goyal said it would boost investor confidence and encourage long-term partnerships. He also highlighted opportunities for Indian investment in Uzbekistan's mining sector and cooperation in textiles, leveraging Uzbekistan's cotton production and India's textile industry strength.
Goyal described India as a trusted partner and a platform for innovation-based growth, offering a large and fast-growing market, a skilled young workforce, and opportunities for joint expansion in garment manufacturing, design, and global markets.
Source: DD News
