Friday, 22, February, 2019

Uzbek Government is committed to making investment in Uzbekistan easier, Sukhrob Kholmuradov, Deputy Prime Minister of Uzbekistan stated while addressing the Uzbekistan-India Business Forum in New Delhi yesterday.

He stated that his Government had undertaken several reforms in terms of taxation, licensing, permits, visas among others. He mentioned that a Uzbekistan - India Special Pharmaceutical Economic Zone was in the process of being set up in his country. He invited Indian Industry to invest in Uzbekistan and take advantage of the economic changes sweeping the country. 

Kholmuradov, said, “Relying on our shared values, we are striving to further strengthen and raise Indo-Uzbek relations to a new level. We want to develop mutual trade and investments between our countries across various spheres of industry and services. We have taken decisive steps to create a favourable investment climate and these will go a long way in enhancing bilateral cooperation. Sectors such as oil & gas, healthcare, pharma and tourism infrastructure are rapidly evolving. 

Uzbekistan was once part of the ancient Silk Route linking the Far East to Europe. We would now like to make it part of the Silicon Route. This was stated by Mr. Suresh Prabhu, Minister of Commerce and Industry and Civil Aviation Suresh Prabhu. According to the Minister, India and Uzbekistan could cooperate to foster the development of new and advanced technologies and with that create the new Silicon Route. The services was an area that the two countries needed to strengthen collaboration. He highlighted the areas of skill development, medical treatment, food processing and energy as potential areas of cooperation. 

He also highlighted that India was working with the various countries of the region to create the International North-South Transport Corridor which would go a long way in reducing transportation costs between India and the Central Asian Region. 

4 MoUs were signed at the Business Forum. 

The forum was attended by over 150 Uzbek representatives from ministries and leading businesses as well as Indian business leaders and private business owners. To further promote bilateral trade relations between the two countries an exhibition “Made in Uzbekistan” of Uzbek products was displayed at the event. 

Both countries agreed on more than 50 investment projects, worth a total of US$3 billion, which will be implemented in Uzbekistan by Indian businesses. Particularly the construction of Indian IT parks in Uzbekistan, branches of Indian universities and hospitals, infrastructure projects and opportunities in the sectors of textiles, oil & gas and energy among others. 

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