In Delhi, as part of the stay of the government delegation of Uzbekistan in India, the Uzbek-Indian business forum was held.
The event was attended by Deputy Prime Minister – Minister of Investment and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev, State Minister of Trade and Industry of the Republic of India Anupriya Patel, heads of relevant ministries, departments, industry associations, as well as more than 50 representatives of business circles of the two countries.
In their speeches at the opening ceremony of the Forum, the heads of delegations emphasized that relations between Uzbekistan and India over the past five years have reached a qualitatively new level.
Thus, in particular, the trade turnover between the two countries during this period increased by more than 50%. The positive dynamics continue to grow, and in the first half of 2022, mutual trade increased by almost 30%, exceeding $324.5 million.
In the context of the effectiveness of the reforms carried out in Uzbekistan, the effectiveness of measures to support entrepreneurial activity and create a favourable climate for investors was noted. Thanks to this, the number of enterprises operating in Uzbekistan with the participation of Indian capital has increased almost 5 times since 2017. In 2021 alone, about seventy enterprises began operating, and their total number reached 357. Currently, over 80 joint projects worth more than $3 billion are being implemented in various industries.
During the event, the Uzbek side came up with initiatives to mobilize untapped resources in all areas of partnership. Among the promising areas of cooperation are: agro-industrial cooperation through the creation of joint ventures for the cultivation of crops and the production of popular food products, the IT sector and investments in infrastructure projects, the joint production of pharmaceuticals and their export to third countries, close cooperation in the textile industry, as well as production of building materials
As part of the business forum program, presentations on the investment potential of Uzbekistan in various sectors were also held. And the mutual interest of business circles in building ties and working together was revealed by the B2B negotiations session, during which entrepreneurs and investors were able to get to know each other, find common ground and discuss new promising ideas with a focus on reaching firm agreements in the near future.
As a result of the forum, a number of agreements were signed in such areas as private medicine, pharmaceuticals, the production of footwear and leather products, as well as the training of highly qualified personnel.
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