Uzbekistan attracts Indian investments in pharma

Sep 07, 2021

“Indian entrepreneurs are achieving increased economic presence in many sectors in Uzbekistan. However, the economic and trade potential between India and Uzbekistan is underutilized, and should be bolstered, as bilateral trade between the two countries stands only at USD 443 million”, said H. E. Mr. Dilshod Akhatov, Ambassador of Uzbekistan to India at the webinar on ‘India and Uzbekistan Economic Connectivity: Opportunities and Prospects’. The programme was jointly organized by World Trade Center Mumbai, Embassy of Uzbekistan in New Delhi and All India Association of Industries (AIAI).

H. E. Mr. Akhatov remarked, “Uzbekistan is interested in attracting Indian investments in advanced technologies to produce modern competitive drugs, and creation of modern laboratories and research centres focused on development of original drugs. Through business partnerships, Indian companies can get access to the Uzbekistan market of about 35 million people, as also to 300 million consumers through Uzbekistan’s FTAs with CIS countries and Georgia.”

H. E. Mr. Akhatov suggested, “Textile companies of Uzbekistan enjoy low duties on import of raw material and equipment not produced within the country. Uzbekistan companies also enjoy preferential market access to EU countries, and Indian entrepreneurs can take advantage of this opportunity through joint collaborations with Uzbek companies.”

In his remarks, H. E. Mr. Manish Prabhat, Ambassador of India to Uzbekistan said, “We congratulate Uzbekistan on its completion of 30 years of independence. On this occasion, India and Uzbekistan should collaborate to take their strategic partnership to new economic heights. The two countries are working on a prospective bilateral investment treaty. The two governments are also promoting region-to-region and state-to-state business opportunities. There lie trade and investment opportunities ahead between the states of Gujarat and Haryana in India and Andijan and Fergana in Uzbekistan.”

H. E. Mr. Prabhat opined, “Indian companies can explore trade opportunities in Uzbekistan in the pharmaceutical, traditional medicines, light machinery, plastic products, dyes and chemical products for textile industry, auto and auto components, agricultural products, infrastructure consultancy, EPC, tourism and entertainment sectors. India and Uzbekistan can solve connectivity issues by promoting the Chabahar port in Iran.”

Earlier in his Welcome Address, Dr. Vijay Kalantri, Chairman, World Trade Center Mumbai, Honorary Consul General, Honorary Consulate of Uzbekistan in Mumbai and President, All India Association of Industries said, “India’s major exports to Uzbekistan include medicines, vaccines, antibiotics, ayurvedic medicines, parts and accessories of vehicles, cotton combing machines, transmission shafts, oil seed crushing / grinding machinery, cumin seeds and food preparations, among other products. India’s pharmaceutical exports to Uzbekistan more than doubled in FY 2020-21. The two countries have potential to increase trade to USD 1 billion in the near future.”

Dr. Kalantri further expressed, “Indian companies can also invest in chemicals, textiles, leather, information technology and telecommunication sectors in the Central Asian country. For this, we should organize bilateral programmes and exchange delegations between the two countries.” Dr. Kalantri appreciated Uzbekistan’s efforts to help India fight the COVID-19 pandemic by gifting oxygen concentrators and other medical supplies.

The programme was also addressed by representatives of trade and industry from the two countries.

Ms. Rupa Naik, Executive Director, World Trade Center Mumbai, proposed the Vote of Thanks.

The programme was attended by Consular Corps, members of trade and industry and other stakeholders of both countries, who expressed interest in doing business in these countries.

Source