India, Uzbekistan target doubling bilateral trade in three years

India and Uzbekistan have set a target to double bilateral trade to around $3 billion over the next three years, Commerce Minister Piyush Goyal said at the India-Uzbekistan Business Forum.Two-way commerce currently stands at around $1.5 billion. Goyal said "trade will have to lead from the front" to strengthen economic ties, urging businesses to co-invest, co-manufacture and co-innovate.Priority sectors include mining, pharmaceuticals, healthcare, IT, food processing and the digital economy. Uzbekistan pitched opportunities in metallurgy, chemicals, energy, automobiles and digital infrastructure.The recently signed bilateral investment treaty between the two countries is expected to boost investor confidence. Goyal also said an FTA is "a promising idea" that could be explored. Uzbekistan's minister Laziz Kudratov said trade grew 30 percent last year to $1.3 billion and expressed hope it would touch $2 billion next year. Around 400 Indian companies operate in Uzbekistan. Minister Kudratov hopes trade will touch $2 billion next year and $3-5 billion in the coming years.
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