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February 26, 2014

Uzbek-Indian Business Forum

Entrepreneurs from Uzbekistan and India met February 10 in a business forum in Tashkent.

Chiefs of organizations, companies and corporations of our two nations specializing in pharmaceuticals industry took part in the forum organized by the Trade and Industry Chamber of Uzbekistan and India’s Council for the Promotion of Exports of Pharmaceuticals.

Head of department for foreign economic relations of Uzbekistan’s Trade and Industry Chamber Dilshod Rasulov noted that the cooperation between Uzbekistan and India has been steadfast across all areas, and is built on a solid normative base comprising deals reached during summit meetings of the heads of two states.

Agreements are signed between Uzbekistan and India on trade and economic interaction, on the protection and stimulation of investments, avoidance of double taxing. The most favored nation regime in trade operates between the two countries. Uzbekistan exports construction materials, nonferrous metals, cotton and leather, foods and services to India. Our country imports pharmaceuticals, mechanical and electronic equipment, optics, plastics and plastic items from India. In 2013, the bilateral trade turnover between our two nations exceeded 242 million US dollars.

65 joint ventures with investments from Indian entrepreneurs currently operate in Uzbekistan. They specialize in such sectors as textile and food industry, leather goods production, pharmaceuticals, agriculture, tourism, wholesale and services. Some 20 leading firms and companies of India have opened their representative offices in Uzbekistan.

“Uzbekistan wields an enormous economic potential,” says Abhay Kumar Sinha, regional director of the Council for the Promotion of Exports of Pharmaceuticals of India. “Along with other sectors, the pharmaceuticals industry has been dynamically advancing in your country. We are interested in furthering the expanding cooperation with pharmaceutical companies of Uzbekistan, in promoting direct ties with relevant ministries and agencies, firms and companies.”

Representatives of Indian business circles were informed in detail during the forum on important dimensions in attracting investments into the economy of our country. The guests got familiar with reforms underway in Uzbekistan dedicated to the development of small business and private entrepreneurship, with conditions and opportunities created in Uzbekistan’s special industrial zones for investors.

Participants of the event discussed issues related to the further development of bilateral trade and economic and investment cooperation by way of boosting the bonds in the pharmaceuticals industry, extensive engagement of Indian companies into the process of privatization in our country.

The business forum also included a cooperation exchange with the involvement of companies and enterprises of Uzbekistan and representatives of business circles of India.