Sardar Rustambaev, Ambassador of Uzbekistan to India (centre) being felicitated by Dr. Vijay Kalantri, Chairman, WTC Mumbai and President, All India Association of Industries (right) Also seen in the photograph is Aakruti Bagwe, Director – Operations, WTC Mumbai (left).
Uzbekistan can be a gateway for Indian companies to the 300 million consumer market of the CIS region
MUMBAI, Jan 20 (The CONNECT) – Uzbekistan is willing to offer land, support infrastructure, tax benefits and cheap power to Indian companies bringing technology, skilled labour and capital to the CIS 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, said Sardar Rustambaev, Ambassador of Uzbekistan to India.
He was speaking at a meeting hosted by the World Trade Center Mumbai to discuss emerging areas of economic cooperation between the two countries and strategies to deepen bilateral partnership across various sectors.
Rustambaev explained, Uzbekistan is a strategic partner of India and the two nations enjoy 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.
“The objective of my visit is to strengthen bilateral economic relations especially with Maharashtra in next generation sectors such as quantum technologies, semiconductors, electronics and also in manufacturing,” he said.
Uzbekistan is emerging as an attractive investment destination and one of the largest industrial hubs in the CIS region and the country has preferential market access to Europe under GSP regime and it has signed preferential trade agreement with the USA, he said.
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.
The Ambassador pointed out that in the last 10 years, industrial landscape of Uzbekistan has transformed significantly. “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 invited Indian gems and jewelry to invest in Uzbekistan stating that Uzbekistan is one of the world’s leading producers of gold. “We have traditional gems & jewelry craftsmen whose designs are popular in the CIS region. Indian gems & jewelry companies can bring their casting and AutoCAD technologies to Uzbekistan and collaborate with the craftsmen of Uzbekistan to manufacture and export gems & jewelry,” said.
Earlier in his welcome remarks, Dr. Vijay Kalantri, Chairman, WTC Mumbai and President, All India Association of Industries said, 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 USD 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.”
During the event, leaders from India’s gems and lab-grown diamond industry expressed willingness to partner with Uzbekistan in terms of mining reserves, technology exchange, scaling up their operations and establishing manufacturing facilities in Uzbekistan.
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 1 lakh. More than 10,000 Indian students are studying in Uzbekistan and 20,000 Indian workers are employed in our country.”
During his visit to Mumbai, Rustambaev had successful meetings with captains of Indian industry from logistics, pharmaceuticals, textile, gems & jewelry, telecom and other sectors. Specifically, the Ambassador met Prakash Hinduja and Ashok Hinduja from the Hinduja Group, K.P. Nanavati, President, Reliance Industries, Puneet Chhatwal, Managing Director & CEO, The Indian Hotels Company Limited (IHCL), and also senior officials of Gold Star Diamonds, Sonani Group and Reliance Jio.
The Ambassador also had fruitful meetings with Bollywood Film Producer and Director Boney Kapoor, Hema Malini, Mithun Chakravorty and other celebrities to promote collaboration in film production and distribution.
