Samarkand
Union Finance Minister Nirmala Sitharaman, speaking at the Uzbekistan-India Business Forum, highlighted the trade potential between India and Uzbekistan. She urged the chambers of commerce from both nations to develop a roadmap to achieve the $3 billion trade target set by the leadership of the two countries.
A new Bilateral Investment Treaty (BIT) between India and Uzbekistan was signed, aiming to enhance trade and investment relations. The Finance Minister noted that the BIT is based on modern international investment standards and will foster a sense of trust and confidence among investors by providing strong protections. She encouraged the business communities to utilize the opportunities offered by the treaty, which is expected to boost investment and collaboration in various sectors.
The treaty is designed to protect investments from expropriation, ensure transparency, and provide compensation for losses. It also provides an independent forum for dispute resolution through arbitration. These provisions are aimed at improving investor confidence and ensuring fair treatment.
India is among Uzbekistan’s top 10 trade partners, with bilateral trade valued at USD 756.60 million. India’s main exports include pharmaceutical products, mechanical equipment, vehicle parts, and mobile phones, while imports from Uzbekistan consist of fruits, vegetables, fertilizers, and juice products. Indian investments in Uzbekistan currently amount to USD 61 million. The BIT is expected to further strengthen economic ties and unlock new business opportunities.
