Piyush Goyal, India-Uzbekistan connectivity is vital to India’s goal of an integrated, expanded region.

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He stressed the need for an integrated approach to regional connectivity and cooperation. He highlighted seven new areas of cooperation between the two countries: digital payments, space cooperation, agriculture and dairy, pharmaceuticals, gems and jewelry, MSMEs, and regional cooperation. Shri Goyal said exchanges and transactions have increased in recent years despite Covid-19.

He said Prime Minister Modi’s visit would be fully utilized to significantly boost bilateral relations in several areas of mutual interest. The IGC conference is an important platform for conceiving ideas, discussing issues and strengthening bilateral relations, especially in the areas of trade and investment. On 22 June 2022, the 2nd India-Uzbekistan Joint Working Group on Economic Cooperation was convened to discuss a wide range of topics.

Story Highlights

  • In his speech, the Minister said that we are very interested in having active human relations. Trade ties are a natural result of strengthening bilateral ties. Relationships should be driven in newer areas such as technology, digital payment solutions and startup investments. The Ministers stressed the need to identify new impetus for the ambitious growth of bilateral trade between India and Uzbekistan.

  • Trade value grew by 38.5% from $247 million in 2019-20 to $342 million in 2021-22. He went on to say that initiatives to improve connectivity should be considered to facilitate trade between the two countries. The Uzbek delegation was headed by Jamshid Khodjaev, Deputy Prime Minister and Minister of Investment and Foreign Trade of the Republic of Uzbekistan. In his speech, Hodjayev said he looked forward to Prime Minister Narendra Modi’s visit to Uzbekistan in September.