Ambassador invited Indian firms, startups and IT companies to invest
IH News Desk
NATIONAL, January 20, 2025: The Ambassador of Uzbekistan Sardar Rustambaev visited the World Trade Center Mumbai to explore new areas of economic cooperation between India and Uzbekistan. He discussed the strong partnership between India and Uzbekistan noting the increase in weekly flights between the two nations.
Rustambaev emphasized the importance of enhancing economic ties especially with Maharashtra in advanced fields like quantum technologies, semiconductors, electronics, and manufacturing.
He described Uzbekistan as an attractive place for investment and a key industrial center in the CIS region, offering benefits such as land, infrastructure support, tax incentives, and low energy costs to Indian companies that bring technology, skilled workers, and investment.
Uzbekistan has special market access to Europe and has trade agreements with the USA. It features 24 Industrial Economic Zones focused on pharmaceuticals and other sectors, including IT parks.
The ambassador invited Indian firms, startups and IT companies to invest in these zones. Over the last ten years, Uzbekistan has significantly improved its industrial capacity, becoming a major producer of home appliances and auto parts.
He also encouraged Indian gems and jewellery businesses to explore opportunities in Uzbekistan, given its tradition in gold production and the possibility for collaboration with local artisans.
Dr Vijay Kalantri, Chairman of WTC Mumbai, spoke about enhancing partnerships with Uzbekistan in manufacturing, green energy, tourism, creative industries, and food security noting that bilateral trade, currently at USD 470 million could potentially double in two years. Leaders from India's gems and lab-grown diamond industry showed interest in working with Uzbekistan on mining and technology exchange.
Ambassador Rustambaev invited Indian firms to submit Letters of Intent for potential partnerships.
He also highlighted growth in tourism, with Indian visitors to Uzbekistan surpassing 80,000 last year, and over 10,000 Indian students studying there. Dr Kalantri encouraged Indian businesses to utilize the perks provided by the Uzbek government and invited Uzbek firms to engage in India's Make in India and Production Linked Incentive schemes.
During his Mumbai trip, the ambassador met leaders from various industries, collaborating with the Governor of Maharashtra, and India's Prime Minister is anticipated to visit Uzbekistan later this year to promote economic cooperation.
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