India to double trade with Uzbekistan in three Years: Piyush Goyal

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New Delhi, August 3

India wants to double its trade with Uzbekistan within the next three years, as the two countries look to strengthen business ties and encourage companies to invest in each other’s economies.

Speaking at the India-Uzbekistan Business Forum in New Delhi, Commerce and Industry Minister Piyush Goyal said businesses from both countries should “co-invest, co-manufacture and co-innovate” to unlock new opportunities in trade and industry.

Trade between India and Uzbekistan is currently worth about $1.5bn (£1.1bn) a year. While describing that as a positive foundation, Goyal said it represented only a small share of the economic potential between the two countries. For Indian companies, Uzbekistan offers opportunities in mining, while businesses from both nations could work together in textiles by combining Uzbekistan’s cotton production with India’s expertise in textile manufacturing and garment exports. The minister also highlighted healthcare as a key area for cooperation. He said India’s pharmaceutical industry could help Uzbekistan improve access to affordable medicines, medical devices, diagnostics and telemedicine. He also proposed expanding cooperation in traditional medicine, including Ayurveda, Yoga and Unani.

Agriculture was another focus of the discussions. Goyal said closer collaboration in food processing, cold storage, packaging and agricultural technology could help farmers in both countries reach international markets more efficiently. In the technology sector, India offered support for developing digital public infrastructure and expanding cooperation in fintech, agri-tech and medical technology. Engineering, advanced manufacturing and the automotive industry were also identified as sectors with growth potential. The minister said a recently concluded Bilateral Investment Treaty between India and Uzbekistan should give investors greater confidence and encourage long-term business partnerships.

Goyal also urged both governments to reduce trade barriers, improve customs procedures through digital systems and simplify standards and certification to make cross-border trade easier.

He said stronger commercial partnerships would not only increase trade but also create jobs, strengthen supply chains and deepen economic ties between the two countries.