Uzbekistan Keen to Partner with India

MUMBAI, INDIA - A session on ‘Doing Business with Uzbekistan’ with Mr. Avaz D. Khodjiev, Counselor (Trade & Economic), Republic of Uzbekistan in India was held at the World Trade Centre (WTC) Mumbai which was jointly organized by World Trade Centre Mumbai and All India Association of Industries on September 20, 2016.

Mr. Khodjiev said, “India is a strategic partner for Uzbekistan with a current bilateral trade of US$ 320 million which has potential to reach 1 billion in the coming years in sectors such as minerals, pharmaceuticals, textiles, chemicals, oil and gas, automotive, agriculture, construction material, logistics, light, IT, communication etc.”.

Mr. Khodjiev, presented on the ‘Export Potential of Republic of Uzbekistan’ highlighting the macroeconomic stability of Uzbekistan with an inflation rate of 7 per cent and GDP growth rate of 8 percent, 30 times increase in export growth with steady decrease in tax burden and focus on small business and private entrepreneurship contributing to job creation of 77 per cent. Uzbekistan has a stable banking and financial system which complies with the Basel Core Principles. The country has been ranked among the 5 fastest growing economies of the world according to the World Economic Forum.

Mr. Khodjiev highlighted the investment opportunities pertaining to low cost energy resources (gas, electricity), general and special incentives (tax, custom, cotton), easy availability of stocks of raw material (cotton, yarn) and skilled labour in traditional textile production and access to international markets.

Further, he stated that there is tremendous potential for Indian investors in the special economic zones namely, ‘Navoi’, ‘Angren’ and ‘Jizzakh’ in Uzbekistan.

Mr. Vijay Kalantri, Honorary Consul, Consulate of the Republic of Uzbekistan in Mumbai, Vice Chairman, WTC Mumbai and President, All India Association of Industries said, “With improvements in the ease of doing business and the Indian government’s new initiatives, there are innumerable opportunities for trade and investment between both countries. Both governments can enhance connectivity through the International North South Transport Corridor project involving ship, rail and road route covering India, Russia, Iran, Europe and Central Asia."

Mr. Kalantri suggested that Uzbekistan should explore possibilities for direct flights between India and Uzbekistan. There is considerable scope for cooperation in various sectors such as mining, automobile parts, tourism and logistics.

Capt. Somesh Batra, Vice Chairman, WTC Mumbai suggested that “India-Uzbekistan Business Forum should be held in Mumbai and Tashkent to discuss and identify trade and investment opportunities. This exchange of delegations and trade information will facilitate and strengthen bilateral trade between the two countries”.

In Photo: From (L to R): Mr. Vijay Kalantri and Mr. Avaz Khodjiev.

To learn more about WTC Mumbai, please click on the source link below.