Uzbekistan can be a gateway for Indian companies in CIS region: Envoy

Rustambaev said, 'Uzbekistan is a strategic partner of India, and we have friendly diplomatic and political relations.'

Mumbai: Uzbekistan can be a gateway for Indian companies to the 300 million consumer market of the CIS region, with which it has a trade agreement, said Sardar Rustambaev, Ambassador of Uzbekistan to India.

“Uzbekistan is a strategic partner of India, and we have friendly diplomatic and political relations. Last year, the number of weekly flights between India and Uzbekistan has grown three-fold to 18 and by March 2025 it will grow to 24,” Rustambaev said at a meeting hosted by the World Trade Center-Mumbai.

“Uzbekistan is emerging as an attractive investment destination and one of the largest industrial hubs in the CIS region. Our government is willing to offer land, support infrastructure, tax benefits and cheap power to Indian companies bringing technology, skilled labour and capital to our country. Uzbekistan can be a gateway for Indian companies to the 300 million consumer market of the CIS region, with which it has a trade agreement,” he said.

Earlier in his welcome remarks, Dr Vijay Kalantri, Chairman, World Trade Center-Mumbai and President, All India Association of Industries, said, “The time has come to strengthen multi-dimensional partnership with Uzbekistan in manufacturing, green energy, tourism, creative industries and food security. Our bilateral trade is hardly $ 470 million, which has potential to double in the next two years. WTC Mumbai and AIAI will promote exchange of trade delegations by selecting focus sectors to grow bilateral trade and investment.”

Rustambaev said Uzbekistan has preferential market access to Europe under the GSP regime and it has signed preferential trade agreements with the USA. Uzbekistan has 24 Industrial Economic Zones, especially in pharmaceuticals and other manufacturing sectors, including IT parks.

“We invite Indian companies, startups and IT companies to invest in these economic zones and also in other parts of the country. Indian companies can bring capital equipment and technology. Our government will provide land, cheap power, tax and duty-free benefits to Indian and foreign investors. Already, Indian companies have invested in pharmaceuticals, renewable energy, logistics, education and other sectors in Uzbekistan,” he said.

“Uzbekistan needs Indian technology and skills for further development of the industrial ecosystem. The country is the leading manufacturer of home appliances, including air conditioners. Uzbekistan has emerged as a leading automobile and auto-component manufacturing hub in the CIS region. More than 20 automobile brands from South Korea, China and other countries have set up production facilities for tyres, plastics, accumulators and other auto-components. Uzbekistan also has an electric vehicle manufacturing ecosystem as we produce and supply power trains to Brazil and other countries,” he said.

The Ambassador also highlighted scope for collaboration in tourism and education sectors. He said, “Uzbekistan is becoming a popular tourist destination as the number of Indian tourists has more than doubled to 80,000 last year and this year, it may exceed one lakh. More than 10,000 Indian students are studying in Uzbekistan, and 20,000 Indian workers are employed in our country.”