The Uzbekistan-India Business Forum held in Samarkand saw Indian Union Finance Minister Nirmala Sitharaman emphasizing the vast trade opportunities between India and Uzbekistan. She called for increased trade and urged the chambers of commerce of both countries to create a roadmap to achieve the USD 3 billion trade target set by the leadership of the two nations. The Minister highlighted the significance of the newly signed Bilateral Investment Treaty (BIT) between India and Uzbekistan, which is based on modern international investment standards. She encouraged businesses from both nations to take advantage of the BIT as it provides strong protections to investors on both sides and unlocks new opportunities in various sectors.
The BIT signed between India and Uzbekistan aims to provide appropriate protection to investors from both countries. It assures a minimum standard of treatment and non-discrimination, while also providing for an independent forum for dispute settlement through arbitration. The treaty also protects investments from expropriation and ensures transparency, transfers, and compensation for losses. This agreement is expected to increase the comfort level and boost the confidence of investors looking to do business in both countries.
As per official figures released by the Indian embassy in Uzbekistan, India is among the top 10 trade partners of Uzbekistan with bilateral trade amounting to USD 756.60 million. The major items in India’s exports to Uzbekistan include pharmaceutical products, mechanical equipment, vehicle parts, frozen buffalo meat, and more. On the other hand, India’s imports from Uzbekistan consist largely of fruit and vegetable products, services, fertilizers, juice products, and lubricants. Additionally, Indian investments in Uzbekistan currently stand at USD 61 million.
During the Uzbekistan-India Business Forum, Sitharaman addressed notable companies from Uzbekistan and encouraged meaningful interactions and collaboration between industry members from both nations. She stressed the need for the business communities on both sides to take advantage of the new BIT to elevate the investment relationship to a new trajectory. The Finance Minister believes that the signing of the treaty will open up new opportunities in various sectors and foster an atmosphere of trust and confidence between investors from India and Uzbekistan.
In her address at the forum, Sitharaman urged the chambers of commerce of both countries to draw up a roadmap to achieve the USD 3 billion trade target set by the leadership of India and Uzbekistan. The Minister believes that there are significant trade opportunities between the two nations waiting to be explored. The BIT signed between India and Uzbekistan is expected to play a crucial role in facilitating trade and investment relations between the two countries. The agreement provides a framework for protecting investments, resolving disputes, and fostering a conducive environment for business growth.
