India, Uzbekistan to cement economic ties


Team Udayavani, Sep 27, 2018, 6:49 PM IST

New Delhi: Issues including tariff reduction to promote trade, setting up of a business council, and expansion of economic relation will be discussed during the upcoming visit of Uzbekistan President Shavkat Mirziyoyev to India. 

The first visit of the Uzbek President will take place early next week.

“As part of intensification of economic dialogue, we plan to create a joint Uzbek-Indian Business Council, prepare the ground to mutually reduce customs tariffs, implement large-scale projects in free economic zones,” Uzbekistan Ambassador Farhod Arziev said.

Arziev said Uzbekistan is also interested in expanding cooperation in areas such as innovation, increasing bilateral investments, education, culture, and arts.

Mirziyoyev’s visit to India will elevate strategic and economic partnerships between the countries, the Ambassador told PTI.

Arzeiv said the current volume of bilateral trade and investment between the countries does not correspond to the existing potential.

“Expanding trade volumes requires undertaking complex measures. We have started working on establishing preferential trade regime between the two countries, which will boost the bilateral trade. We are also planning to increase the supply of different types of agricultural products to Indian market,” he said.

The bilateral trade between the countries stood at a meagre USD 235 million in 2017-18. It was USD 155.5 million in 2016-17.

Arzeiv said Uzbekistan has enormous potential to supply several products to the Indian markets such as agri goods, fertilisers, non-ferrous and rare metals, textiles, and petrochemicals. 

“We plan to triple our trade volumes in the coming years,” he said.

Over 300 business leaders from sectors including automobile, railway, energy, oil and gas, pharmaceuticals, leather, and textile are expected to attend the business forum meet.

On increasing cooperation to promote innovation, the Ambassador said they are planning to launch Uzbekistan-India Innovation Forum, and Indian Technology Parks in Uzbekistan. 

Further, he said the Uzbek President will also announce the partnership between Samarkand and Agra, to promote tourism industry.

“Daily flights from Delhi and Amritsar to Tashkent connect both countries and by the end of October, we are launching Mumbai-Tashkent air route, which will operate three times a week. I believe this will further increase tourism between India and Uzbekistan and further boost business opportunities,” he added.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Karnataka sets up panel for internal reservation among STs

Maharashtra Assembly Elections 2024 | Congress in clutches of urban naxals, became puppet of people with divisive agenda: J P Nadda

Even if Indira Gandhi returns from heaven, Article 370 will not be restored: Amit Shah

Tilak Varma slams ton as India take 2-1 lead against South Africa with 11-run win in third T20I

PM Modi to visit Bihar’s Jamui to commemorate Janjatiya Gaurav Divas

BJP offered Rs 50 cr each to 50 Cong MLAs to remove Karnataka govt: CM Siddaramaiah

BJP to launch ‘Parivartan Yatra’ ahead of Delhi Assembly polls

Related Articles More

FSSAI directs online platforms to deliver food items with minimum 45 day shelf life

Retail inflation rises to 6.21 pc in Sep amid higher food prices

Sensex, Nifty slump 1 pc amid unabated foreign fund outflows, weak global trends

Integrated Air India-Vistara entity’s first flight takes off from Doha

PHF Leasing Limited Transforms into Credifin

MUST WATCH

Punganur Cow

Rangoli design

Jagadeesh Nagaraj Kudupali Audio Viral

Gho Pooja in Deepavali Festival

Melukote Deepavali


Latest Additions

Byelections: 81.84 per cent voter turnout in bypolls in three Assembly segments in Karnataka

Karnataka sets up panel for internal reservation among STs

Maharashtra Assembly Elections 2024 | Congress in clutches of urban naxals, became puppet of people with divisive agenda: J P Nadda

Even if Indira Gandhi returns from heaven, Article 370 will not be restored: Amit Shah

Jharkhand Assembly Elections 2024 | EC orders suspension of IPS officer posted as observer for dereliction of duty

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.