India and Uzbekistan should look at doubling bilateral trade in the next three years as huge opportunities are there in enhancing cooperation in areas like mining, pharma, and healthcare, Commerce and Industry Minister Piyush Goyal said on Monday.
The two-way commerce stood around $1.5 billion.
Trade will have to lead from the front to boost economic ties between the two countries, he said, adding, "let's look to double trade in next three years".
1 August 2026
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He was speaking at the India-Uzbekistan Business Forum meeting here.
Goyal also called upon businesses of both sides to invest in each other's economies.
He added that while India is strong in areas like IT, skilled work force, digital public infrastructure, Uzbekistan offers opportunities in segments such as mining and cotton production.
If the two countries can look at negotiating a free trade agreement, he said, "That is a promising idea. We can look at that." Speaking at the function, Laziz Kudratov, Uzbekistan's Minister of investment, industry and trade, said the current bilateral trade is far below the potential and both sides should work to push it up.
About 400 Indian companies are operational in Uzbekistan.
He sought Indian investments in sectors such as steel, pharma, healthcare, mining, and auto.
