India, Uzbekistan Push for Trade Boost and Stronger Business Ties

New Delhi, August 03, 2026 India and Uzbekistan are seeking to give fresh momentum to their economic partnership, with Commerce and Industry Minister Piyush Goyal calling for greater participation from businesses of both countries. Addressing the India-Uzbekistan Business Forum in New Delhi on Monday, Goyal urged companies to expand cooperation through co-investment, co-manufacturing and innovation, while setting an ambitious goal of doubling bilateral trade over the next three years. Goyal said the strategic partnership between India and Uzbekistan, founded on mutual trust, respect and shared economic interests, offers considerable scope for stronger trade and investment. Bilateral trade has crossed around USD 1.5 billion, but he said the figure remains below the potential of the two economies. He highlighted India’s large and expanding market, skilled workforce and innovation-led ecosystem as areas that can create opportunities for Uzbek businesses. He also pointed to the Bilateral Investment Treaty, signed in September 2024 and effective from May 2025, saying it would provide greater predictability for investors and support long-term business partnerships. Several sectors were identified for deeper cooperation, including mining, textiles, healthcare, pharmaceuticals, agriculture, digital technology and advanced manufacturing. Goyal said Uzbekistan offers opportunities for Indian investment in mining, while the textile sector can benefit from Uzbekistan’s cotton strengths and India’s capabilities in manufacturing, design and access to global markets. In healthcare and pharmaceuticals, India can contribute affordable medicines, medical devices, diagnostics, telemedicine and healthcare training. He also called for renewed cooperation in Ayurveda, Yoga and Unani. Agriculture and food processing were highlighted for collaboration in packaging, cold chains and agri-tech, while digital cooperation could cover Digital Public Infrastructure, fintech, agri-tech and medtech. Engineering and automobile components, along with advanced manufacturing, were also identified as promising areas. Goyal stressed that stronger economic engagement would require businesses to increase investment, generate employment and build sustainable commercial partnerships. He also called for fewer trade barriers, mutual recognition of standards, smoother approval and certification procedures, digitally integrated customs systems and more efficient trade routes. Greater coordination between regulators and standard-setting authorities, he said, would further improve the business environment. Goyal credited the leadership of Prime Minister Narendra Modi and Mirziyoyev with giving fresh momentum to bilateral relations through stronger people-to-people links and clearer strategic direction. He urged businesses on both sides to “co-invest, co-manufacture and co-innovate” to create lasting economic partnerships and contribute to shared growth and prosperity.