Uzbekistan seeks increased trade, business cooperation with India's private sector

New Delhi [India], May 10 (ANI): Uzbekistan's Deputy Minister of Foreign Affairs Furkat Sidikov at an event in New Delhi on Tuesday said that his country wants to enhance trade cooperation with the private sector in India.

Sidikov said that his country is building a "new Uzbekistan" which has new investment potential and for that he would like to enhance its role with India and have a new format of business cooperation.

"We already have political understanding. I can tell you that just last year we already have more than four contacts at a high level, including personal talks and the videoconference. But now it's time to enhance our trade and business cooperation, especially between the private sector of two countries and it will help to expand our relationship with India," Sidikov said at a Federation of Indian Chambers of Commerce and Industry (FICCI) event.

The Uzbek minister said that Uzbekistan wants to use the Chabahar Port to access the Indian market. He also spoke on potential sectors of cooperation between India and Uzbekistan. These include pharmaceuticals, IT, healthcare, processing and storage of agriculture products, and cotton.

"We believe that our economy could complement each other, not compete", he said.

Uzbekistan Ambassador to India Dilshod Akhatov too spoke on the occasion saying that the "interest of Indian investors in Uzbekistan is growing now."

"The strengthening of long term strategic partnership with India is one of the key priorities of the foreign policy of Uzbekistan," Akhatov said, adding, "Now, bilateral relations encompass a wider canvas, including political and military issues, trade and investment, and people-to-people ties."

The envoy mentioned that about 350 Indian enterprises are operating across various sectors in Uzbekistan, and 220 enterprises have 100 per cent Indian capital.

India-Uzbekistan Forum for Business and Entrepreneurship & Past President, FICCI Dr Harjinder Kaur, highlighted a new sense of purpose and direction for businesses from both the countries to redefine and unveil the next phase of India-Uzbekistan trade and economic relations.

She said, "Start-ups have a key role in the future of India-Uzbekistan business ties, apart from Industry 4.0 and digital space." (ANI)

Source: WORLD