Business Will Grow Be­tween Uzbek­istan and In­dia

FICCI Business Digest - - International -

Uzbek­istan has a lot to of­fer In­dian business – the largest in Cen­tral Asia, dy­nam­i­cally de­vel­op­ing mar­ket; po­lit­i­cal and macro-eco­nomic sta­bil­ity; rich reserves of min­er­als and nat­u­ral re­sources; qual­i­fied hu­man re­sources and low cost of en­ergy car­ri­ers. As Uzbek­istan's econ­omy is open­ing up and dy­namic re­forms are hap­pen­ing in the coun­try In­dian business cir­cles are be­com­ing fre­quent vis­i­tors with the aim to in­vest and cre­ate joint eco­nomic projects.

'We pro­pose to unite ef­forts aimed at the for­ma­tion of new, sig­nif­i­cant in­vest­ment projects that will bring Uzbek­istan-In­dia re­la­tions to a qual­i­ta­tively new level,' the Deputy Prime Min­is­ter of Uzbek­istan Sukhob Khol­mu­radov stressed dur­ing one of the business fo­rums in Tashkent. Prior to the first State visit of the Pres­i­dent of Uzbek­istan Shavkat Mirziy­oyev to In­dia this finds a higher ur­gency and pri­or­ity.

Dur­ing the last 18 months, ex­changes be­tween In­dian and Uzbek busi­nesses be­came most fre­quent. In Au­gust, 2017 dur­ing the visit of the del­e­ga­tion of Uzbek­istan to In­dia, 22 con­tracts worth more than $80 mil­lion as well as 20 in­vest­ment agree­ments worth over $70 mil­lion were signed. Fol­low­ing dis­cus­sions in Fe­bru­ary 2018, the Uzbek-In­dian Business Fo­rum on Phar­ma­ceu­ti­cal and Chem­i­cal In­dus­try was held in Tashkent which saw the par­tic­i­pa­tion of the State Min­is­ter of Chem­i­cal In­dus­try and Fer­til­iz­ers of In­dia M Man­davia.

On 16 Au­gust, 11th meet­ing of the Uzbek-In­dian in­ter­gov­ern­men­tal com­mis­sion for trade, eco­nomic and sci­en­tific and tech­ni­cal co­op­er­a­tion was held in Tashkent with the par­tic­i­pa­tion of Sukhob Khol­mu­radov, Deputy Prime Min­is­ter of the Repub­lic of Uzbek­istan, Chair­man of the State Com­mit­tee on In­vest­ments and Suresh Prabhu, Min­is­ter of Com­merce and In­dus­try of the Repub­lic of In­dia, a del­e­ga­tion of over 100 busi­ness­men of In­dia ar­rived in Uzbek­istan to at­tend the meet­ing.

To­day, In­dian com­pa­nies op­er­ate in Uzbek­istan's whole­sale and re­tail trade, man­u­fac­tur­ing, petroleum prod­ucts and chem­i­cal prod­ucts, tex­tile and leather goods, food, ser­vices, agri­cul­ture and con­struc­tion. Ap­prox­i­mately, 139 en­ter­prises, in­clud­ing 59 joint ven­tures with 80 per cent and 100 per cent for­eign cap­i­tal, op­er­ate. For 6 months of 2018, trade turnover amounted to $134.7 mil­lion, in­clud­ing ex­ports – $13.9 mil­lion, im­ports - $120.8 mil­lion.

Uzbek en­ter­prises show their ea­ger­ness to ex­pand di­rect sup­plies to In­dia of strate­gic goods such as ura­nium con­cen­trate, non-fer­rous and rare-earth met­als, ca­ble­con­duc­tor prod­ucts, poly­eth­yl­ene and polypropy­lene, chem­i­cal prod­ucts, min­eral fer­tilis­ers, and fresh and pro­cessed fruit and veg­etable prod­ucts. Bi­lat­eral re­la­tions have big po­ten­tial for de­vel­op­ment in the fields of phar­ma­ceu­ti­cals, ICT, tex­tile in­dus­try, tourism, health and in­no­va­tion. Based on these indi­ca­tors, there is pro­vi­sion for all the nec­es­sary reserves for a mul­ti­ple in­crease in turnover and bring­ing its vol­ume to 1 bil­lion dol­lars.

Tax in­cen­tives, duty-free im­port of in­dus­trial equip­ment and other in­vestor in­cen­tives are pro­vided in Uzbek­istan. Free eco­nomic zones are func­tion­ing in Navoi, An­gren, Jiz­zakh, Khaz­arasp, Kokand, Urgut, and Gi­j­du­van. In ad­di­tion, seven SEZs spe­cial­is­ing in the pro­duc­tion of phar­ma­ceu­ti­cal prod­ucts have been es­tab­lished in Uzbek­istan.

Sukhob Khol­mu­radov, Deputy Prime Min­is­ter of the Repub­lic of Uzbek­istan, Chair­man of the State Com­mit­tee on In­vest­ments (left) with Suresh Prabhu, Min­is­ter of Com­merce and In­dus­try of the Repub­lic of In­dia.

Meet­ing in progress.

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