Meanwhile, the Uzbekistan delegation also invited India to step up investments in the mining and rare earths sector.
Addressing the India-Uzbekistan Business Forum, Goyal said trade should lead efforts to strengthen economic relations between the two countries.
Bilateral trade currently stands at around $1.5 billion, while merchandise trade in FY26 was about $672.5 million.
“Trade will have to lead from the front” to strengthen economic relations, Goyal said, adding, “Let’s look to double trade in next three years.”
His remarks come weeks after India and Uzbekistan agreed at the 14th Session of the India-Uzbekistan Intergovernmental Commission to work towards doubling bilateral trade within three years by addressing non-tariff barriers and expanding cooperation in sectors including pharmaceuticals, medical devices, automobiles and machinery.Calling for greater two-way investment, Goyal said India has strengths in information technology, a skilled workforce and digital public infrastructure, while Uzbekistan offers opportunities in mining and cotton production.
On the possibility of a trade pact, Goyal said, “That is a promising idea. We can look at that.”
Speaking at the forum, Uzbekistan’s Minister of Investment, Industry and Trade Laziz Kudratov invited Indian companies to invest in the country’s mining and metallurgy sector, highlighting reserves of gold, copper, uranium, critical minerals and rare earth elements.
“We are top 10 globally in terms of gold, copper, uranium deposits. We have almost all types of critical minerals and rare earth elements. We would be happy to discuss and to bring Indian technologies, know-how, and capital to develop steel production, deep processing of copper, and rare earth metals,” Kudratov said.
He said bilateral trade grew 30% last year to cross $1.3 billion for the first time, expressing confidence that it would reach $2 billion next year before expanding to $3-5 billion in the coming years.
“We expect this next year we will be reaching USD 2 billion and then we should join efforts to increase our trade to USD 3-5 billion in coming years,” he said.
Kudratov noted that around 400 Indian companies already operate in Uzbekistan, with a joint project pipeline exceeding $5 billion. Besides mining, he identified chemicals, renewable energy, pharmaceuticals and automobiles as priority sectors for deeper collaboration.
He also invited Indian companies to expand fertiliser manufacturing in Uzbekistan, set up pharmaceutical and vaccine production facilities, and participate in renewable energy projects as the country aims to raise the share of renewables in its energy mix to 54% by 2030. In the automotive sector, he urged Indian firms to localise production of components and industrial equipment.
Earlier this year, the two sides identified pharmaceuticals, agriculture, engineering goods, electronics, healthcare services, ICT and critical minerals among key areas for expanding economic cooperation.