eThekwini Municipality Updates Economic Development Incentive Policy to Attract Investment

India's Minister of Commerce and Industry Piyush Goyal called on Indian and Uzbek enterprises to engage in joint investments, production, and innovation, setting the goal of doubling bilateral trade between the two countries within the next three years.

Speaking at the India-Uzbekistan Business Forum in New Delhi, the minister emphasized that a strategic partnership based on mutual trust, respect, and a shared vision of prosperity opens up wide opportunities for expanding trade, investment, and economic cooperation.

Welcoming the delegation, Goyal noted that India and Uzbekistan are connected not only by a rich shared history and deep cultural ties but also by significant, largely untapped business potential. According to him, bilateral trade turnover has exceeded $1.5 billion, but this is only a small fraction of what the two economies can achieve together.

The minister stressed that India offers Uzbekistan not only a large and growing market but also a reliable partner, skilled and young labor force, and a platform for innovation-driven growth. Referring to the recently signed bilateral investment treaty between India and Uzbekistan, he noted that the agreement will boost investor confidence and encourage companies from both countries to invest in each other's economies, forming long-term partnerships.

Goyal highlighted several sectors with high potential for bilateral cooperation. He pointed to substantial opportunities for Indian investments in Uzbekistan's mining sector. Furthermore, he noted prospects for interaction in the textile industry, emphasizing Uzbekistan's strong position in cotton farming and India's leadership in the textile sector, creating chances for joint development of apparel production, design, and entry into global markets.

In the pharmaceutical and medical fields, the minister stated that India, known as the 'pharmacy of the world,' can help modernize Uzbekistan's healthcare system through affordable medicines, medical equipment, diagnostics, telemedicine, medical staff training, and quality medical services. He also proposed resuming cooperation in traditional medicine systems—Ayurveda, Yoga, and Unani—which are historically linked to the Uzbek region.

Discussing agriculture and product processing, Goyal noted that cooperation in food processing, packaging, cold chains, and agricultural technologies can form global value chains beneficial to farmers in both countries, while focusing on international markets due to complementary strengths.

The minister also emphasized India's readiness to cooperate with Uzbekistan in information technology and the digital economy, expressing a desire to assist in developing digital public infrastructure and strengthening interaction in fintech, agritech, and medtech. He added that promising areas of cooperation also include component manufacturing, advanced engineering, auto parts, and automotive industry.

Goyal noted that Indian Prime Minister Narendra Modi and President of Uzbekistan Shavkat Mirziyoyev are giving new impetus to bilateral relations, bringing the peoples of the two countries closer and setting a clear political direction for the partnership. In his view, the full potential of the relationship can only be realized by deepening interaction between the businesses of both sides, expanding economic ties, increasing investment, and creating new jobs.

Stressing that trade should serve as the driving force of bilateral relations, Goyal strongly urged entrepreneurs to seize emerging opportunities to build long-term commercial partnerships. He pointed to the need to eliminate trade barriers, achieve mutual recognition of standards, approval, testing, and certification procedures, integrate customs systems through digitalization, and create more efficient trade routes to facilitate commerce.

According to him, the governments of the two countries are working to build a more structured, time-bound, and results-oriented economic partnership, and regulatory and standardizing bodies must interact more actively to support businesses on both sides. Concluding his speech, the minister reaffirmed India's commitment to deepening its economic partnership with Uzbekistan by strengthening trade, investment, and business ties.

The online taxi service Uklon is launching its activities in five new settlements of the Fergana Valley starting August 5th. This was reported by the company's press service to the publication 'Gazeta.'

The service launch will be gradual. Initially, the company will focus on connecting drivers, after which the platform will open for accepting ride and delivery orders, representatives of Uklon specified.

The General Manager of Uklon Uzbekistan, Eduard Kovtun, emphasized that entering the Fergana Valley market is a significant step in the development of the region of Uzbekistan. He noted that this valley hosts many large cities located in close proximity to each other, which ensures constant population mobility.

Drivers can join the platform independently using the Uklon Driver application. Additionally, a reduced commission is provided for them until the end of the current year.

For users in Kokand and Namangan, the 'Light' and 'Comfort' service classes will be available. Meanwhile, in Andijan, Fergana, and Margilan, clients will be offered three options: 'Light', 'Comfort', and 'Quick Search'. Users also have the option to contact Uklon's 24-hour support service.

Uklon is positioned as a Ukrainian IT company specializing in product services. Since April 2025, 97% of the company's corporate rights have belonged to Kyivstar, which is the largest electronic communications operator in Ukraine. The Uklon company began its operations in Uzbekistan in June 2023. According to the company itself, in 2025, the service served over 15 million trips in Tashkent.