H.E. Mr Sardar Rustambaev, the Ambassador of Uzbekistan to India, was welcomed by the World Trade Center Mumbai to talk about new areas of economic collaboration between the two nations and ways to strengthen their bilateral ties in several industries. H.E. Mr. Rustambaev said, “We have cordial diplomatic and political ties and Uzbekistan is a strategic partner of India.” By March 2025, there will be 24 weekly flights between India and Uzbekistan, having tripled to 18 last year. Strengthening bilateral economic ties, particularly with Maharashtra in next-generation industries like manufacturing, semiconductors, electronics, and quantum technologies, is the aim of my visit. One of the biggest industrial centres in the CIS, Uzbekistan is becoming a desirable place to invest. For Indian businesses that bring technology, talented labour, and capital to our nation, our government is prepared to provide land, support infrastructure, tax breaks, and inexpensive electricity. With a trade agreement in place, Uzbekistan can serve as a gateway for Indian businesses looking to access the 300 million-strong consumer market in the CIS.
According to the ambassador, Uzbekistan has a preferential trade deal with the United States and preferential market access to Europe under the GSP framework. There are 24 Industrial Economic Zones in Uzbekistan, with a focus on IT parks and the pharmaceutical and other manufacturing industries. “We encourage Indian businesses, startups, and IT firms to make investments in these economic zones as well as in other regions of the nation.” Indian businesses are able to provide technology and capital equipment. For both Indian and international investors, our government will offer land, inexpensive electricity, and tax and duty-free benefits. Indian businesses have already made investments in Uzbekistan in a number of areas, including education, logistics, renewable energy, and medicines.
The Ambassador said that Uzbekistan’s industrial environment has changed dramatically during the past ten years. “Indian technology and skills are necessary for Uzbekistan to advance the industrial ecosystem,” he stated. The nation is the top producer of air conditioners and other household equipment. In the CIS, Uzbekistan has become a major center for the production of automobiles and car parts. Over 20 automakers from China, South Korea, and other nations have established factories to produce tires, plastics, accumulators, and other vehicle parts. Because we manufacture and export power trains to Brazil and other nations, Uzbekistan also boasts an ecosystem for the production of electric vehicles.
The Ambassador invited Indian gems and jewellery to invest in Uzbekistan. He mentioned, “Uzbekistan is one of the world’s leading producers of gold. We have traditional gems & jewellery craftsmen whose designs are popular in the CIS region. Indian gems & jewellery companies can bring their casting and AutoCAD technologies to Uzbekistan and collaborate with the craftsmen of Uzbekistan to manufacture and export gems & jewellery.”
Earlier in his welcome remarks, Dr. Vijay Kalantri, Chairman, WTC Mumbai and President, All India Association of Industries mentioned, “The 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. “I invite Letter of Intent from Indian gems and jewelry companies for partnership so that I can take this forward with the relevant Ministry in Uzbekistan,” the Ambassador assured.
Indian jewelry and gems were asked to invest in Uzbekistan by the ambassador. “Uzbekistan is one of the world’s leading producers of gold,” he said. Our traditional jewelers and jewelry makers offer designs that are well-liked throughout the CIS. Indian jewelry and gem manufacturers may work with Uzbek artisans to produce and export jewelry and stones by bringing their AutoCAD and casting technology to the country.
Dr. Kalantri recommended that Indian businesses take use of the facilities and tax advantages offered by the Uzbek government. Additionally, he extended an invitation to Uzbek businesses to take part in the Make in India and Production Linked Incentive (PLI) programs run by the Indian government. Members of Indian commerce and industry as well as Mr. Khurshidbek Samiev, commerce-Economic Counselor, Embassy of Uzbekistan in India, attended the event.
H.E. Mr. Rustambaev held fruitful talks with Indian business leaders from a variety of industries during his visit to Mumbai, including telecom, textile, logistics, pharmaceuticals, and gems and jewelry. The Ambassador specifically met with senior representatives from Gold Star Diamonds, Sonani Group, and Reliance Jio, as well as Mr. Prakash and Mr. Ashok Hinduja from the Hinduja Group, Mr. K.P. Nanavati, President of Reliance Industries, and Mr. Puneet Chhatwal, Managing Director & CEO, The Indian Hotels Company Limited (IHCL). In order to encourage cooperation in film production and distribution, the Ambassador also had productive discussions with Mr. Mithun Chakravorty, Ms. Hema Malini, Mr. Boney Kapoor, and other celebrities.
In order to explore ways to improve trade and investment ties between Uzbekistan and Maharashtra, the Ambassador also paid a visit to the Hon. H.E. Mr. C.P. Radhakrishnan, the Governor of Maharashtra.
Later this year, the Hon’ble Prime Minister of India will make his fourth trip to Uzbekistan as Prime Minister in an effort to strengthen bilateral collaboration. Given Uzbekistan’s abundance of natural resources and strategic location as a gateway to Europe, Iran, and the CIS, there is enormous potential to expand commercial cooperation. Despite being a landlocked nation, Uzbekistan is reachable via Bandar Abbas and Chabahar Port.
