On February 22, 2018, the Chamber of Commerce and Industry jointly with the Agency for the Development of the Pharmaceutical Industry held the Uzbek-Indian Business Forum on Pharmaceutical and Chemical Industry with the participation of the State Minister of Chemical Industry and Fertilizers of India M.Mandavia.
The main goal of this event is to promote the establishment and expansion of trade ties between the entrepreneurs of the two countries, the growth of the number of new joint ventures and the increase in bilateral trade.
During the event, issues of mutual cooperation on strengthening cooperation between entrepreneurs of the two countries were discussed.
In his speech at the opening of the forum, the Chairman of the Chamber of Commerce and Industry Adham Ikramov noted that Uzbekistan attaches great importance to expanding trade, economic and investment cooperation with India, establishing closer relations between our business circles, attracting new Indian companies to participate in production projects in the country.
Our country pays much attention to building up multifaceted and mutually beneficial cooperation with India. Evidence of this was the meeting of Uzbek President Shavkat Mirziyoyev with Prime Minister of India Narendra Modi during the SCO summit in Astana in June 2017. During this historic meeting, the leaders of our countries reached agreements on the adoption of concrete measures to radically improve and strengthen relations in all spheres, as well as to bring them to a qualitatively new level. As the chairman of the Chamber of Commerce and Industry of Uzbekistan emphasized, the engine of this process should be the business circles of Uzbekistan and India. A.Ikramov briefly acquainted representatives of Indian business with the pace of economic development of our country. It is important to note that during the visit of the delegation of Uzbekistan to India (22.08.17) following the business forum results, 22 contracts were signed for the amount of more than $ 80 million, and 20 investment agreements worth over $ 70 million. At the end of 2017. turnover amounted to $ 323.6 million, including exports - $ 32.5 million, imports - $ 291.1 million. In the export nomenclature of Uzbek goods, fruits and vegetables, transport and tourist services, nitrogen fertilizers, vegetable juices and extracts, vehicles and their parts, raw silk, leather raw materials prevail. The main item of imports of Indian goods to Uzbekistan is pharmaceutical products, as well as mechanical and electrical equipment, spare parts for cars, transport and tourist services, devices and chemical products, organic chemical compounds, rubber and rubber products, tobacco raw materials and waste. Currently, 101 enterprises operate in Uzbekistan with the participation of Indian capital, incl. 15 with 100% foreign capital. The main directions of their activity are: production of medicines, textile products, detergents, processing of tanning raw materials and agricultural products, production of consumer goods, rendering of tourist services, wholesale and retail trade. Representatives of 16 Indian companies are accredited at the Ministry of Foreign Trade of Uzbekistan. Today, for foreign investors in Uzbekistan, all the necessary conditions have been created: tax incentives, duty-free import of industrial equipment, other privileges when investing in the implementation of promising projects. For several years free economic zones have been functioning in Navoi, Angren, and Jizzakh. Recently, four more such zones have been established - in Khazarasp, Kokand, Urgut and Gijduvan. In addition, in accordance with the Presidential Decree, seven Free Economic Zones specializing in the production of pharmaceutical products are currently established in Uzbekistan. The head of the CCI of Uzbekistan Adkham Ikramov invited Indian investors to participate in the implementation of production projects in these free economic zones. During the forum it was also noted that currently the Chamber of Commerce and Industry of Uzbekistan together with the Institute for Entrepreneurship Development of India is implementing a project to establish the Uzbek-Indian Center for Entrepreneurship Development in Tashkent, the issue of signing an Agreement on Cooperation with the "India-CIS" Chamber of Commerce, as well as the creation of the Uzbek-Indian Business Council, the signing of which is scheduled for April 2018, and also the organization of a visit of the delegation of business circles of India jointly with the Federation of CCI Gujarat in March 2018.