Ministry of Investment, Industry and Trade of the Republic of Uzbekistan

Within the framework of the 5th Tashkent International Investment Forum held in Tashkent on 16 - 18 June, a major panel session was held dedicated to the strategic partnership between Uzbekistan and India, industrial cooperation, healthcare, and technological innovation.

During this dialogue, coordinated by the Ministry of Investments, Industry and Trade, it was highlighted that trade turnover between the two countries had reached 1.3 billion USD in a short period. The significant potential in pharmaceuticals, digital infrastructure, agriculture, and the green economy was also extensively discussed based on concrete figures and analytical data.

Sardor Rustambayev, Ambassador of Uzbekistan to India, emphasized that the millennia-old shared history and cultural kinship between the two nations form the strongest foundation of today’s strategic partnership. He also sincerely noted that this forum felt more like a family reunion of close relatives than an official working event.

“Uzbekistan is no longer the country it was ten years ago. Thanks to the firm political will of our President and the Prime Minister of India, all new initiatives are being supported today. Therefore, I invite all investors to directly explore the opportunities in Tashkent, Samarkand, and Bukhara,” the ambassador said in his speech.

In turn, Smita Pant, Ambassador of India to Uzbekistan, explained that despite the current geopolitical situation and logistical challenges, the Indian economy is experiencing unprecedented growth, and in the context of the green energy transition, trade relations with Uzbekistan are becoming increasingly vital for both sides. According to her, India will soon require 4–5 million tons of copper annually, while 80% of asafoetida produced in Uzbekistan is consumed in India.

“We are fully ready, as the ‘pharmacy of the world,’ to supply high-quality pharmaceuticals, as well as climate-resilient agricultural and technological equipment, at prices 30–40% lower than other suppliers,” she stated.

Mohit Yadav, Joint Secretary at India’s Ministry of Commerce and Industry, highlighted his country’s macroeconomic achievements, noting that India, with 7.5% growth and USD 128 billion in capital expenditure in the upcoming fiscal year, is transforming from a large consumer market into a globally competitive manufacturing base.

“Uzbekistan’s industrial development ambitions and its strategic location serve as a reliable partner for Indian companies and a gateway to broader supply chains,” Yadav said.

Speaking on behalf of the private sector, Afzal Abdul Aziz, President of Allana Group, stated that his 161-year-old company trades with 80 countries worldwide. He added: “These two days of the forum have opened our eyes. We have now deeply understood the real potential of the Uzbek market, and we strongly recommend all international investors to invest here immediately,” expressing his admiration.

Abdulla Azizov, speaking on pharmaceutical sector reforms and future prospects, noted that the issue of aligning customs duties on pharmaceutical imports with international standards is under consideration in order to actively support domestic production. According to him, Uzbekistan has more than 2,000 plant species, 760 of which have scientifically confirmed medicinal properties. He also highlighted that nearly 100% of the USD 2.1 billion cosmetics market is import-dependent, representing a vast opportunity for foreign companies.

“The government-funded BioPharma City innovation cluster, with an investment of USD 400 million, is a unique project that brings together not only production facilities but also an international university, research centers, and a regulatory body in one place. Investors have openly stated that investing in Uzbekistan today is as profitable as investing in Korea in the 1990s,” he said, also acknowledging the creation of a bureaucracy-free system.

Addressing innovative technological potential in the private sector, AnantKumar Hegde, founder of Kadamba Group, emphasized the need to transition from traditional chemical pharmaceuticals to a green economy:

“We are ready to share methods of producing medicines using nanotechnology and nano-bioinformatics in Uzbekistan. At the same time, the establishment of a free trade agreement (FTA) between Central Asia and India would be a major strategic victory for the region,” he said.

Rashmi Saluja, Chair of the Global Trade and Technology Council of India, highly praised the pace of reforms in Uzbekistan, stating that major corporations such as Adani Group signing key agreements within just 20 days is clear evidence of the transparency and guarantees provided to investors. She proposed the creation of a special economic transport corridor and a targeted investment fund between the two countries.

Muhammad Salman Waris, founder of TechLegis and an expert in digital infrastructure and regulatory legal frameworks, stated that the three pillars of sustainable foreign investment are an innovative culture, strong digital infrastructure, and a transparent legal mechanism.

“The ‘data embassies’ being established in Uzbekistan by Middle Eastern countries represent a highly promising concept for ensuring digital sovereignty. In addition, as a symbol of our 500-year brotherly ties, Uzbekistan should more actively promote the success stories of its startups on global markets,” he said.

Dr. Ali Khan, education expert and Chairman of Era University, noted that economic growth is impossible without human capital. Therefore, universities must balance technological skills with specialized knowledge. He highlighted the importance of regional hackathons, innovation hubs, and research sandboxes between students of the two countries.

In conclusion, the Tashkent International Investment Forum is taking the partnership between Uzbekistan and India to a completely new technological and investment level. If the innovative approaches presented by experts - from green nanotechnology to digital infrastructure and logistics corridors - are implemented, it will lead to the formation of the largest, most stable, and most attractive economic bridge connecting Central and South Asia. The openness of dialogue between the leaders of the two countries, strong political will, and sustained investor interest will serve as key drivers transforming Uzbekistan into a global hub for major investments, advanced science, and international healthcare in the future.