Informist, Saturday, Sep 28, 2024

NEW DELHI – Finance Minister Nirmala Sitharaman, during her address at the Uzbekistan-India Business Forum on Friday, urged both nations to draw up a roadmap to triple the $1-bln trade target set by them, the Ministry of Finance said today in a post on X, formerly Twitter.

On Friday, India and Uzbekistan signed a bilateral investment treaty in Tashkent, which provides for appropriate protection for Indian investors in Uzbekistan and for the latter's investors in India. The finance minister urged the business communities in both countries to take advantage of the bilateral treaty as it catapults investment relationships to a new trajectory, the post said.

The new bilateral investment treaty, based on modern international investment standards, provides strong protection to investors on both sides, fostering an atmosphere of trust and confidence. Signing of this treaty will unlock new opportunities in various sectors, she said.

Sitharaman on Friday also addressed some notable companies from Uzbekistan, and encouraged meaningful interactions and collaboration between the industry members from the two nations. She also addressed the Indian diaspora in Uzbekistan, comprising representatives from diverse portfolios, including pharmaceuticals, education, information technology, consultancy, textile, manufacturing, and health. She assured them that their welfare and well-being will always remain a top priority for India. The finance minister also said there are countless opportunities for the Indian diaspora in Uzbekistan to engage with India's growth story, whether in business, academia, or social initiatives.

India and Uzbekistan had a total bilateral trade of $471.4 mln in 2023-24 (Apr-Mar), higher than $331.7 mln a year ago. End

US$1 = 83.70 rupees

Reported by Pratiksha

Edited by Tanima Banerjee

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