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Uzbekistan and India are increasing trade, economic and investment cooperation

On December 13 of this year, Deputy Prime Minister – Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov in the format of a video conference held negotiations with the Minister of Trade and Industry of the Republic of India Piyush Goyal.

During the conversation, the sides discussed the current state and prospects for the development of bilateral investment and trade and economic cooperation, the expansion of interregional interaction, the implementation of joint projects and issues related to the organization of bilateral events.

The issues of organizing a visit to Delhi of a working group headed by the leadership of the Ministry of Investment and Foreign Trade with the aim of holding meetings with relevant ministries, government bodies and private companies of India to discuss issues of cooperation and develop practical proposals and initiatives, as well as develop a program of economic cooperation between Uzbekistan and India.

Issues related to the 13th meeting of the Intergovernmental Commission on Trade, Economic and Scientific and Technical Cooperation between the Republic of Uzbekistan and the Republic of India at the beginning of 2022, as well as the organization of the participation of the heads of the regions of the Republic of Uzbekistan in the 10th Global Summit in Gujarat in January, were discussed 2022 year.

The parties discussed the practical aspects of creating an Uzbek-Indian Joint Working Group on trade and economic issues and holding its first meeting in order to systematize tasks related to economic partnership between Uzbekistan and India, and develop rational proposals for their accelerated solution. The need to apply joint efforts for the development of bilateral trade, in which there is a significant untapped potential, was emphasized. In this context, the parties expressed mutual intentions to speed up the process of preparation and signing of the Agreement on preferential trade between the Republic of Uzbekistan and the Republic of India.

The course of investment cooperation between the two countries was discussed, in which there are also great opportunities for enhancing interaction. It was noted that at present, joint work is underway on the implementation of a number of investment projects worth about $ 700 million in the areas of infrastructure development, tourism, and the pharmaceutical industry. The parties spoke in favor of the accelerated completion of the discussion of the draft Agreement on the Encouragement and Reciprocal Protection of Investments between the governments of Uzbekistan and India with a view to reaching its signing in the first quarter of next year. This step will give a new impetus to the development of investment cooperation and the rapprochement of the business communities of the two countries.

The parties also discussed the prospects for establishing interaction in the exchange of experience in stimulating the accelerated growth of various industries. An agreement was reached on practical cooperation in this direction.

They also considered measures to accelerate the development of the credit line of the Eximbank of India in the amount of $ 448 million, allocated for the implementation of a number of infrastructure and social projects in Uzbekistan.

Following the talks, further steps were identified to implement the agreements reached.