NEWS AND EVENTS
May 17, 2011
Expanding economic cooperation
Friendly relations between Uzbekistan and India have a long history. Based on principles of mutual trust and respect, interest and practical cooperation, the Uzbek-Indian relations are developing in all spheres.
Expansion of partnership in areas such as small and private businesses, oil and gas, engineering and textile industries, is the priority. The agreement on trade and economic cooperation, protection and promotion of investments and avoidance of double taxation, signed by the two countries, is in action.
During the visit of President Islam Karimov to India in 2005 along with other important documents, intergovernmental agreement on cooperation in small business and entrepreneurship was signed. Another important document the Agreement on Cooperation between the Chamber of Commerce of Uzbekistan and Association of Chambers of Commerce of India was inked this year.
Uzbekistan exports services, cotton, foodstuffs, construction materials, nonferrous metals to India. India imports pharmaceuticals, mechanical and electronic equipment, optical equipment, foodstuffs and plastics to Uzbekistan. In 2010 the trade turnover between the two countries reached USD $150 million.
Sixty two joint ventures operating in Uzbekistan were established with participation of Indian investors, 18 Indian companies opened representative offices in the country. These companies specialize in textile, food and pharmaceutical industry and tourism, agriculture, construction, trade and services areas.
The cooperation in techno-economic sphere is actively developing between Uzbekistan and India. Within the frame of Indian Technical and Economic Cooperation (ITEC) program, Uzbek specialists of information technologies, water management, banking, management, and hotel business were involved in advanced training courses at Indian universities.
The Intergovernmental Commission on trade-economic and scientific-technical cooperation established by Uzbekistan and India plays an important role in the development of bilateral ties in all spheres.
On 2 March of this year, Tashkent hosted a business forum of business circles of Uzbekistan and India, which discussed in detail the further development of trade-economic and investment cooperation and involvement of Indian companies in privatization process in Uzbekistan, as well as implementation of a1 number of joint projects in the industrial free economic zone of Navoi.
In order to further strengthen the ties between two countries in the areas of fuel energy, mining, geology, small and private businesses, forums and seminars, exhibitions and trade fairs and presentations are held. Last spring, very successful exhibition of consumer goods were presented at “India Exhibition-2010” in Tashkent.
The results of the reforms, major changes in political, social and economic life of Uzbekistan are regularly covered by Indian media. The Journal of Commerce and Industry of India-CIS countries thoroughly covered the 43-th annual meeting of the Board of Governors of Asian Development Bank (ADB) held in Tashkent in May 2010. Also, detailed publications are brought out on Uzbek-Indian relations, favorable investment environment, large-scale work in the healthcare system as well as Tourism Information Center of Uzbekistan in Gurgaon, National Exhibition of India held in Tashkent.
In the June issue of the 2010, President of Commerce and Industry of India-CIS magazine Rajan Madhu said that Uzbekistan is rich in natural resources and favorable investment environment for business was established. He stressed that the historical relationship between the two countries are an important factor in expansion of cooperation between business circles.
The upcoming state visit of President Islam Karimov to India will enhance relations between Uzbekistan and India, especially in the economic sphere, to a qualitatively new level.
UzA News Agency