Piyush Goyal Urges India and Uzbekistan to Double Trade in Three Years

Welcoming the Uzbek delegation, Goyal said India and Uzbekistan share centuries of cultural and historical connections that provide a strong foundation for deeper economic engagement.

Union Commerce and Industry Minister Piyush Goyal has called on businesses in India and Uzbekistan to work together through joint investments, manufacturing and innovation, saying the two countries have the potential to double their bilateral trade within the next three years. Speaking at the India-Uzbekistan Business Forum in New Delhi, he said the partnership between the two nations is built on trust, shared history and growing economic opportunities that can deliver lasting benefits for both sides.

Welcoming the Uzbek delegation, Goyal said India and Uzbekistan share centuries of cultural and historical connections that provide a strong foundation for deeper economic engagement. He noted that bilateral trade has crossed around USD 1.5 billion, though this figure reflects only a small portion of the opportunities available for businesses in both countries.

He described India as a dependable partner offering a large consumer market, a young skilled workforce and an innovation-driven business environment. Goyal also highlighted the recently concluded Bilateral Investment Treaty, saying it is expected to strengthen investor confidence and encourage companies to build long-term partnerships across both economies.

Key Sectors Ready for Collaboration

The Minister identified several industries where India and Uzbekistan can complement each other. He pointed to mining as an area with strong investment prospects for Indian companies. Textiles also emerged as a major opportunity, with Uzbekistan's cotton production and India's expertise in textile manufacturing creating scope for expanding garment production, design and exports.

Healthcare and pharmaceuticals featured prominently in his remarks. Goyal said India could support Uzbekistan's healthcare sector with affordable medicines, medical devices, diagnostics, telemedicine services and professional training for healthcare workers. He also proposed renewing cooperation in traditional systems of medicine such as Ayurveda, Yoga and Unani, reflecting the historical links between the two countries.

Agriculture and food processing were highlighted as another promising area where collaboration in packaging, cold storage infrastructure and agri-technology could help create stronger global value chains while benefiting farmers and businesses alike.

Digital Economy and Manufacturing in Focus

Goyal said India is ready to work closely with Uzbekistan in building Digital Public Infrastructure and expanding cooperation in fintech, agri-tech and medtech. He added that engineering products, advanced manufacturing, automobiles and automotive components also offer significant room for future business partnerships.

He credited Prime Minister Narendra Modi and Uzbekistan President Shavkat Mirziyoyev for giving fresh momentum to bilateral relations and bringing the people of both countries closer together. According to the Minister, the next phase of the partnership depends on stronger business engagement, higher investments and the creation of more employment opportunities.

Business Leaders Asked to Build Lasting Partnerships

Calling trade the driving force of the relationship, Goyal urged businesses to remove barriers that slow commercial exchanges. He stressed the need for mutual recognition of standards, approvals and certification systems, greater customs digitalisation and more efficient trade routes to make cross-border business smoother and faster.

He said both governments are working towards a structured and result-oriented economic partnership while encouraging regulators and standards authorities to strengthen cooperation. Addressing industry leaders, Goyal described the present moment as an opportunity to co-invest, co-manufacture and co-innovate, creating partnerships that bring growth, resilience and prosperity to both India and Uzbekistan.