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Indian companies interested in investments in Uzbek economy

Business Materials 24 March 2010 17:48 (UTC +04:00)

Uzbekistan, Tashkent, March 24 / Trend D. Azizov /

India Exhibition - 2010 has been held in Tashkent today for the development of bilateral trade and economic cooperation, establishment of direct contacts between the business entities of Uzbekistan and India.

The exhibition is organized by the Indian Embassy in Uzbekistan with the assistance of the Uzbek Commerce and Industry Chamber and Commerce Chamber India-CIS.

About 22 Indian companies attend the exhibition. They present Indian products, including pharmaceutical products and the textile industry, printing machines, cosmetics, herbs, tea, jewelry, construction materials, as well as Indian musical instruments.

India Exhibition - 2010 will also allow representatives of small businesses to learn the experience of Indian colleagues in the business development and implementation of business ideas in both traditional and modern sectors of the economy.

Trade relations between India and Uzbekistan are based on the agreement on trade and economic cooperation, signed in May 1993. It contains the basic terms of trade agreements, such as mutual regime of more favour, promotion of economic, industrial, scientific and technical cooperation, cooperation in the field of personnel training, and active participation of small and medium enterprises in bilateral economic cooperation.

In 1999, India and Uzbekistan signed the agreement on mutual protection and promotion of bilateral investments.

According to the Commerce Chamber India-CIS, trade turnover between India and Uzbekistan today is about $ 120 million and has significant growth potential.

Indian producers are interested in import of Uzbek cotton. They are ready to open cotton, spinning and weaving factories in Uzbekistan, as well as factories producing ready-made garments for both export and domestic market.

Oil and gas sector of the Republic is attractive for Indian investments.

Establishment of a joint venture in pharmaceutical industry, production of medical equipment, electrical and electronic engineering, agro-processing, dairy products and meat are of entrepreneurs' interest from two countries. Indian tea companies consider the possibility to establish joint ventures.

The work of the exhibition will run until March 27.

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