H.E. Mr. Sardar Rustambaev, the Ambassador of Uzbekistan to India, was invited by the World Trade Centre Mumbai to talk about new areas of economic collaboration between the two nations as well as ways to strengthen bilateral ties in a number of industries.
“Uzbekistan is a strategic partner of India and we have friendly diplomatic and political relations,” H.E. Mr. Rustambaev said on this occasion. There are now 18 weekly flights between India and Uzbekistan, up thrice from the previous year, and by March 2025, there will be 24. My visit’s goal is to improve bilateral economic ties, particularly with Maharashtra is a leader in next-generation industries including manufacturing, semiconductors, electronics, and quantum technology. As one of the biggest industrial centres in the CIS, Uzbekistan is becoming a desirable place to invest. Our government is willing to offer land, support infrastructure, tax benefits and cheap power to Indian companies bringing technology, skilled labour and capital to our country. Uzbekistan can be a gateway for Indian companies to the 300 million consumer market of the CIS region, with which it has a trade agreement.”
According to the ambassador, Uzbekistan has a preferential trade deal with the United States and preferential market access to Europe under the GSP framework. There are 24 Industrial Economic Zones in Uzbekistan, particularly in the industrial and pharmaceutical industries.
featuring parks for IT. We encourage Indian businesses, startups, and IT firms to make investments in these economic zones as well as other regions of the nation. Technology, equipment, and finance can be brought by Indian businesses. Our government will provide land, cheap power, tax and duty-free benefits to Indian and foreign investors. Already, Indian companies have invested in pharmaceuticals, renewable energy, logistics, education and other sectors in Uzbekistan.”
The Ambassador said that Uzbekistan’s industrial environment has changed dramatically during the past ten years. “Indian technology and skills are necessary for Uzbekistan to advance the industrial ecosystem,” he stated. The nation is the top producer of domestic air conditioners among other items. Uzbekistan has emerged as a leading automobile and auto-component manufacturing hub in the CIS region. Over 20 automakers from China, South Korea, and other nations have established factories to produce tires, plastics, accumulators, and other vehicle parts. Uzbekistan also has an electric vehicle manufacturing ecosystem as we produce and supply power trains to Brazil and other countries.
Indian jewellery and gems were asked to invest in Uzbekistan by the ambassador. “Uzbekistan is one of the world’s leading producers of gold,” he said. Our traditional jewellers and jewellery makers have designs that are well-liked throughout the CIS. Indian jewellery and gem manufacturers can transfer their AutoCAD and casting technology to Uzbekistan and work with local artisans to produce and export jewellery and stones.
“The time has come to strengthen multi-dimensional partnership with Uzbekistan in manufacturing, green energy, tourism, and creative industries,” said Dr. Vijay Kalantri, Chairman of WTC Mumbai and President of the All India Association of sectors, earlier in his welcoming comments.
food stability. Our two-way commerce is only about USD 470 million, but it might treble over the next two years. In order to increase bilateral trade and investment, WTC Mumbai and AIAI will choose target industries to encourage trade delegation exchanges.
Leaders of India’s gem and lab-grown diamond industries stated during the event that they would be open to collaborating with Uzbekistan on mining reserves, knowledge sharing, expanding their businesses, and setting up production facilities there. “I extend an invitation to Letter of Intent from Indian jewellery and gem industries for collaboration so that I may pursue this with the appropriate Uzbek ministry,” the ambassador promised.
The Ambassador also emphasised the potential for cooperation in the fields of education and tourism. “With the number of Indian tourists more than doubling to 80,000 last year and possibly surpassing 1 lakh this year, Uzbekistan is becoming a popular tourist destination,” he added. More than 10,000 Twenty thousand Indian labourers are engaged in Uzbekistan, while Indian students are studying there.Dr. Kalantri recommended that Indian businesses take use of the infrastructural and tax advantages offered by the Uzbek government. Additionally, he extended an invitation to Uzbek businesses to take part in the Production Linked Incentive (PLI) and Make in India programs run by the Indian government. The event was also attended by Mr. Khurshidbek Samiev, Trade – Economic Counsellor, Embassy of Uzbekistan in India and members of Indian trade and industry.
H.E. Mr. Rustambaev held fruitful talks with Indian business leaders from a variety of sectors during his tour to Mumbai, including telecom, textile, pharmaceuticals, logistics, and gems and jewellery. The Ambassador specifically met Mr. Ashok Hinduja and Mr. Prakash Hinduja from the Senior representatives of Gold Star Diamonds, Sonani Group, and Reliance Jio are also there, along with the Hinduja Group, Mr. K.P. Nanavati, President of Reliance Industries, and Mr. Puneet Chhatwal, Managing Director & CEO of The Indian Hotels Company Limited (IHCL). In order to encourage cooperation in film production and distribution, the Ambassador also had productive discussions with Mr. Mithun Chakravorty, Ms. Hema Malini, Mr. Boney Kapoor, and other celebrities.
The Ambassador also spoke with Hon. H.E. Mr. C.P. Radhakrishnan, the Hon. Governor of Maharashtra, on ways to improve Uzbekistan-Maharashtra trade and investment ties.
Later this year, the Hon. Prime Minister of India is scheduled to make his fourth trip to Uzbekistan as Prime Minister in an effort to strengthen bilateral collaboration. With its wealth of natural resources and advantageous location as the entry point to Europe, Iran, and the CIS, Uzbekistan offers enormous potential for further commercial relations. Despite being a landlocked nation, Uzbekistan is reachable via Bandar Abbas and Chabahar Port.