Its foreign and trade and industry ministers met their Indian counterparts, external affairs minister S Jaishankar and commerce and industry minister Piyush Goyal, respectively, during a joint visit to India.
Also Read: India, Uzbekistan should double bilateral trade in three years, says Piyush Goyal
Jaishankar, in his meeting with his Uzbek counterpart Bakhtiyor Saidov on Monday evening, said that both countries are now looking to broaden cooperation in the mining sector, particularly in critical minerals and rare earth resources. ET has learnt that the PM may visit Tashkent around the time he is in Bishkek for the SCO summit between August 30 and September 1. Modi last visited Uzbekistan in 2022 for the SCO summit and enjoys a good chemistry with the Uzbek President.
Uzbekistan is among the top 10 countries in terms of gold, copper and uranium deposits and possesses almost all types of critical minerals and rare earth elements. It is also among the suppliers of uranium to India.
Jaishankar further said that India and Uzbekistan share similar perspectives on terrorism, extremism and drug trafficking. He hailed Uzbekistan’s firm stand against terrorism, stating that both countries have consistently maintained a policy of zero tolerance towards the menace, including cross-border terrorism and terror sanctuaries.
Also Read: India, Uzbekistan could explore FTA, says Piyush Goyal; Uzbekistan invites Indian investment in mining, rare earthsEarlier in the day, addressing more than 200 business representatives at the India-Uzbekistan Business Forum alongside commerce and industry minister Piyush Goyal, Uzbekistan’s minister for investment, industry and trade Laziz Kudratov said the Central Asian nation is keen to bring Indian technology, expertise and capital into its mineral and metals sector.
“First, of course, is mining and metallurgy. We discussed with minister Goyal opportunities that Uzbekistan possesses. We are among the top 10 globally in terms of gold, copper and uranium deposits. We have almost all types of critical minerals and rare earth elements. We would be happy to discuss and bring Indian technologies, know-how and capital to develop steel production, deep processing of copper and rare earth metals,” Kudratov said.
Highlighting the growing economic partnership, Kudratov said bilateral trade increased 30 per cent last year to cross $1.3 billion for the first time and expressed confidence that it would touch $2 billion next year.
“We expect that next year we will reach $2 billion and then we should join efforts to increase our trade to $3-5 billion in the coming years,” he said.
Currently, about 400 Indian companies are operating in Uzbekistan, with a joint project portfolio exceeding $5 billion.
Kudratov also identified chemicals, renewable energy, pharmaceuticals and the automotive sector as key areas for expanding India-Uzbekistan economic cooperation.
The minister said Uzbekistan is among the region’s largest fertiliser producers and invited Indian firms to expand fertiliser manufacturing in the country to serve both Indian and third-country markets.
“Another area is the chemical industry. We are one of the largest regional producers of fertilisers. We would be happy to cooperate not only in trade but also discuss with Indian companies the expansion of fertiliser manufacturing in Uzbekistan to supply the needed products, not only for Indian markets but also for third countries together,” Kudratov said.
The minister also outlined Uzbekistan’s renewable energy ambitions, stating that the country plans to increase the share of renewables in its energy mix to 54 per cent by 2030 from 30 per cent at present, creating opportunities in solar and wind power, battery storage and data centre development supported by low-cost green electricity.
In the pharmaceutical sector, where Uzbekistan imports more than $3 billion worth of medical products annually, he invited Indian companies to establish joint manufacturing of medicines and vaccines, citing ongoing collaborations with Dr Reddy’s Laboratories and Cipla.
Highlighting opportunities in the automotive sector, Kudratov said Uzbekistan manufactures around 500,000 vehicles annually through facilities operated by General Motors, BYD and Kia Motors, and called on Indian companies to localise production of automotive components and industrial equipment.
He said both governments are working to improve trade facilitation, enhance market access and reduce administrative barriers to strengthen bilateral business ties.
According to the Embassy of India in Tashkent, India is among Uzbekistan’s top 10 trading partners, with bilateral trade reaching $1.32 billion. India’s major exports include pharmaceutical products, mechanical equipment, vehicle parts, services, optical instruments and mobile phones, while imports from Uzbekistan comprise fruit and vegetable products, fertilisers, juices, lubricants and services.