Uzbekistan Invites Indian Investment with Attractive Incentives in Industrial Hubs
Uzbekistan is offering significant investment opportunities to Indian companies, particularly in its rapidly growing industrial sectors, according to H.E. Mr. Sardar Rustambaev, the Ambassador of Uzbekistan to India. During a meeting hosted by the All India Association of Industries (AIAI) and the World Trade Center Mumbai, the Ambassador outlined various incentives, including land, tax benefits, and affordable power, to attract Indian businesses to invest in Uzbekistan’s emerging industrial landscape.
The Ambassador highlighted the growing economic ties between India and Uzbekistan, citing a three-fold increase in weekly flights between the two countries. Uzbekistan, now one of the largest industrial hubs in the CIS region, is actively seeking Indian companies to invest in next-generation sectors like quantum technology, semiconductors, electronics, and manufacturing. The government is offering favorable conditions, including land and tax benefits, to companies bringing technology and skilled labor into the country.
Uzbekistan also boasts preferential trade access to Europe and the USA under GSP and trade agreements. The country has 24 Industrial Economic Zones focused on pharmaceuticals, manufacturing, and IT parks, and invites Indian companies, startups, and IT firms to invest in these areas. Indian companies have already invested in sectors like pharmaceuticals, renewable energy, logistics, and education in Uzbekistan.
The Ambassador emphasized Uzbekistan’s transformation into a major automobile and home appliance manufacturing hub, producing and supplying powertrains to countries like Brazil. He also highlighted opportunities in the gems and jewelry sector, encouraging Indian companies to collaborate with local artisans to manufacture and export unique jewelry.
Additionally, the Ambassador pointed out growing opportunities in tourism and education, with a significant increase in Indian tourists and students in Uzbekistan. The bilateral trade potential between India and Uzbekistan could grow exponentially, and initiatives like India’s “Make in India” and “Production Linked Incentive (PLI)” schemes offer opportunities for further collaboration.
Dr. Vijay Kalantri, President of AIAI and Chairman of WTC Mumbai, emphasized the need for a multidimensional partnership in sectors like manufacturing, green energy, and food security. He encouraged Indian businesses to take advantage of Uzbekistan’s tax and infrastructure benefits, which could pave the way for increased economic cooperation.
The Ambassador’s visit included meetings with Indian industry leaders from sectors like logistics, pharmaceuticals, textiles, and gems & jewelry, as well as Bollywood celebrities, to promote collaboration in various fields, including film production.
With the Hon’ble Prime Minister of India set to visit Uzbekistan later this year, the potential for strengthening bilateral trade and investment relations is set to reach new heights, with Uzbekistan serving as a gateway to the CIS region, Iran, and Europe.
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H.E. Mr. Sardar Rustambaev, Ambassador of Uzbekistan to India being felicitated by Dr. Vijay Kalantri, President, All India Association of Industries (AIAI) and Chairman, WTC Mumbai at an interactive meeting.
