Indian Commerce Minister Nirmala Sitharaman is planning to visit Uzbekistan in May 28-29 eyeing to expand Delhi’s economic footprints in Central Asia.
The Commerce Minister will lead the Indian delegation for the next session of Ind-Uzbek Intergovernmental Commission on trade, economic, scientific and technical cooperation.
Both sides will also hold a joint business forum in Tashkent, which will be inaugurated by both Ministers, to establish links and contacts for further development of investment cooperation and mutual trade.
For Indian business houses Central Asian countries can be very promising market. One such country is Uzbekistan which holds multitude of opportunities in various sectors. To attract foreign investments, to create the most comfortable conditions for foreign investments and to use more effectively great economic and investment potential of Uzbekistan a number of Free Industrial Economic Zones had been created according to Decree of the President of Uzbekistan Shavkat Mirziyoyev.
One of them, “Navoi” FIEZ offers wide range of opportunities for foreign investors and initially endows business with important comparative advantages. This territory is subject to special legislative regulations including for taxes, currency, customs and simplified order for entry, stay and departure for non-residents of Uzbekistan. To ensure the most comfortable conditions for investors, production sites in “Navoi” FIEZ are provided with high level infrastructure. FIEZ enterprises are provided with adequate transport and service infrastructure, labor security systems and comfortable living conditions.
Uzbekistan is ready to create the most favorable investment climate for Indian business, according to senior Uzbek officials. Uzbek companies are willing to offer wide opportunities for establishing partnership with Indian business in industry and organization of modern high-technologic productions, as well as introduction of innovation technologies, such as nan? technologies, pharmaceuticals, textile, information and communication technologies (ICT) and alternative energy and other sectors of economy.
To promote Uzbekistan as a destination and ahead of Commerce Minister’s visit the Uzbek Embassy in India organized an Interactive Meeting jointly with “India-CIS” Chamber of Commerce on April 28.