India, Uzbekistan can leverage complementary strengths to capture global markets: Piyush Goyal

New Delhi, [India] August 3 : India and Uzbekistan can leverage their complementary strengths to jointly capture global markets as the two countries hardly compete in any area, Union Minister for Commerce and Industry Piyush Goyal said on the sidelines of the India-Uzbekistan Business Forum.
Goyal said India and Uzbekistan share "very deep and emotional cultural ties" and a traditional friendship, while the two countries' leaders also have a strong bond. He said the economic potential between India and Uzbekistan is "very promising" given the complementary strengths of the two economies.
"They have complementary strengths to India, we hardly compete in any area, so together we can look at capturing world markets," Goyal said.
The comments came as representatives from the two countries explored opportunities to deepen trade and investment ties across several sectors.
Uzbekistan's Minister of Investment, Industry and Trade Laziz Kudratov said there was strong interest among businesses from both countries, with more than 200 businessmen participating in the India-Uzbekistan Business Forum.
Kudratov said Uzbekistan could become a strategic partner for India across sectors including mining, critical minerals, chemicals, steel, automotive, textiles and agriculture. He highlighted Uzbekistan's significant deposits of gold, copper and uranium, noting that the country is among the top 10 globally in terms of deposits of these resources.
The Uzbek minister also pointed to opportunities in the automotive sector, saying Uzbekistan is one of the largest producers of cars and automotive parts in the region, while India brings technology and know-how that can complement its capabilities.
He said the two countries would work together on specific projects in trade and investment and emphasised that the complementary nature of their economies provides scope for cooperation across almost all sectors.
Kudratov said both governments would work to facilitate business contacts, create a conducive environment for companies and help businesses from the two countries interact more efficiently.
The two ministries have also agreed on an action plan focused on removing trade barriers and synchronising and harmonising standards and procedures.
Kudratov said the objective is to translate the growing business interest into greater trade and investment, with both sides expecting bilateral economic engagement to increase in the near future.