Bilateral trade currently stands at about $1.5 billion.
“We believe that the potential between India and Uzbekistan is very promising. They have complementary strengths to India. We hardly compete in any area. So together, we can look at capturing world markets,” Goyal said at the India-Uzbekistan Business Forum organised by Ficci.
Goyal invited businesses from both countries to co-invest, co-manufacture and co-innovate. He said India has strengths in information technology, a skilled workforce and digital public infrastructure, while Uzbekistan offers opportunities in mining and cotton production.
Referring to the recently concluded Bilateral Investment Treaty between the two countries, Goyal said it would boost investor confidence and encourage businesses to invest.
He also highlighted opportunities for cooperation in textiles, saying Uzbekistan’s strength in cotton production and India’s leadership in the textile industry could support joint expansion into garment manufacturing, design and global markets.
In pharmaceuticals and healthcare, Goyal said India could support Uzbekistan’s healthcare modernisation through affordable medicines, medical devices, diagnostics, telemedicine, training for doctors and paramedics, and quality healthcare services.
He also proposed reviving cooperation in traditional systems of medicine such as Ayurveda, Yoga and Unani.