World Trade Center Mumbai hosted H.E. Mr. Sardar Rustambaev, the Ambassador of Uzbekistan to India, for an insightful discussion on enhancing economic cooperation between the two nations. The focus was on exploring opportunities in next-generation sectors such as quantum technologies, semiconductors, electronics, and manufacturing, as well as strategies to strengthen bilateral partnerships.
H.E. Mr. Rustambaev highlighted Uzbekistan’s increasing role as a strategic partner for India, emphasizing the growth in air travel between the two nations, with weekly flights set to increase to 24 by March 2025. He expressed Uzbekistan’s openness to attract Indian investments by offering incentives such as land, tax benefits, cheap power, and infrastructural support. The Ambassador underscored that Uzbekistan could serve as a gateway to the 300 million consumer market of the CIS region, with which the country has a trade agreement.
Uzbekistan’s industrial landscape has significantly transformed over the last decade, becoming one of the largest industrial hubs in the CIS region. The Ambassador called on Indian companies, startups, and IT firms to invest in Uzbekistan’s 24 industrial economic zones, which focus on sectors such as pharmaceuticals, IT parks, and manufacturing. He also urged Indian businesses to bring technology and skilled labor, benefiting from the country’s low-cost power, land, and tax-free policies.
Mr. Rustambaev specifically invited Indian gems and jewelry companies to collaborate with Uzbek artisans to manufacture and export high-quality jewelry, leveraging Uzbekistan’s rich resources in gold and its traditional craftsmanship.
Dr. Vijay Kalantri, Chairman of WTC Mumbai and President of All India Association of Industries, welcomed the Ambassador’s visit, emphasizing the untapped potential for bilateral trade, which currently stands at only USD 470 million but has the potential to double in the next two years. He also suggested Indian companies take advantage of Uzbekistan’s favorable tax and infrastructure benefits, while inviting Uzbek businesses to explore India’s Make in India and Production Linked Incentive (PLI) schemes.
During his visit, the Ambassador met with several influential leaders from India’s industries, including logistics, pharmaceuticals, textiles, telecom, and gems & jewelry. H.E. Mr. Rustambaev also met Bollywood celebrities to explore potential collaborations in film production and distribution. Additionally, he held discussions with the Hon’ble Governor of Maharashtra, H.E. Mr. C.P. Radhakrishnan, to explore ways to enhance trade and investment between Uzbekistan and Maharashtra.
Looking ahead, the Hon’ble Prime Minister of India is slated to visit Uzbekistan later this year, marking his fourth visit to the country. This continued diplomatic engagement promises further growth in trade relations, leveraging Uzbekistan’s rich natural resources and strategic location as a gateway to Central Asia, Iran, and Europe.
The visit underscores Uzbekistan’s commitment to strengthening ties with India and positioning itself as an attractive destination for investment and economic collaboration.
