Uzbekistan and India agreed to step up efforts to boost bilateral trade to $2 billion and accelerate investment cooperation during the Uzbekistan-India Business Forum in New Delhi, which brought together government officials and more than 100 business representatives from both countries.

This was reflected in the statement by the Ministry of Investment, Industry and Trade of Uzbekistan, Trend reported.

The forum was attended by Uzbekistan's Minister of Investments, Industry and Trade Laziz Kudratov, India's Minister of Commerce and Industry Piyush Goyal, executives from the Federation of Indian Chambers of Commerce and Industry (FICCI) and Invest India, as well as representatives of leading companies and business associations.

The event focused on expanding trade, investment and industrial cooperation, with participants identifying priority sectors and practical measures to strengthen economic ties.

"The forum made it possible to identify new areas of mutually beneficial cooperation and shape a practical agenda focused on transforming the most promising proposals into concrete investment projects," Uzbekistan's Ministry of Investments, Industry and Trade said in a statement.

According to the ministry, bilateral trade rose 30% in 2025, exceeding $1.3 billion for the first time. The two sides agreed to work toward increasing trade turnover to $2 billion by improving market access, simplifying trade procedures and reducing administrative barriers. A memorandum on trade facilitation is currently being prepared to support that goal.

Officials noted that Uzbekistan and India have complementary economies, creating opportunities to expand trade. Uzbekistan is seeking to increase exports of agricultural and food products, fertilizers, chemicals, non-ferrous metals, textiles, electrical equipment and other manufactured goods, while expanding imports of Indian pharmaceuticals, technologies, machinery and automotive components.

Investment cooperation also featured prominently on the agenda. Nearly 400 companies with Indian capital currently operate in Uzbekistan, while the portfolio of joint projects exceeds $5 billion, reflecting growing Indian interest in the Uzbek market.

The forum identified metallurgy and mining, chemicals, energy, digital infrastructure, pharmaceuticals, healthcare, machinery manufacturing and agribusiness among the priority sectors for future investment. Discussions also focused on deep processing of raw materials, localization, production of high-value-added goods, renewable energy projects, data centers and modern healthcare and agricultural facilities.

Participants also held business-to-business (B2B) and government-to-business (G2B) meetings to discuss specific investment proposals, financing mechanisms and implementation plans.

The ministry reaffirmed its readiness to support investors throughout the entire project cycle, from site selection and financing to commissioning, as Uzbekistan continues to position itself as a manufacturing and export hub for international companies targeting both the domestic and regional markets.