Uzbekistan seeks investment from Indian business community

New Delhi, Aug 22 Seeking investments from India, Uzbekistan today highlighted food processing, textiles and tourism among the sectors that can help strengthen bilateral cooperation and boost economic ties of the two countries.

Uzbek Foreign Trade Minister Elyor Ganiev said that the central Asian country has taken several measures to improve business and investment climate for foreign investors.

“We have simplified business registration procedures … we are taking measures to improve business and investment climate,” he said here at Uzbek-India business forum meeting.

Ganiev said that both the sides have fixed the target of taking bilateral trade to USD 1 billion in the next three years and “we feel a special responsibility in achieving this goal”.

Uzbek-India Trading Hub was established by the central Asian country with a view to promote trade and investments between the countries.

Inviting Indian investments, he said the country provides good infrastructure, political stability, power and skilled manpower.

The main sectors where businesses from both the sides can enhance cooperation include food processing, agriculture, silk, fertiliser, rare earth metals, tourism, footwear and leather processing, he added.

Speaking at the occasion, Uzbekistan’s Foreign Affairs Minister Abdulaziz Kamilov said: “We invite Indian investors to actively participate in the projects in special economic ones”.

Kamilov said Uzbekistan is taking steps to improve business climate to attract foreign inflows.

Additional Secretary in the Department of Commerce Sunil Kumar said that the bilateral trade target of USD 1 billion is a huge step and it cannot be achieved by the initiatives of one side.

Both the sides should identify products and services that can be sourced from each other at affordable prices to enhance two-way commerce, he said.

Further both the countries exchanged 11 trade contracts worth USD 60 million and joint investment projects worth USD 70 billion in sectors including pharma, leather, silk and food processing.

In 2016-17, the two-way trade stood at USD 155.76 million.

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