- At a PHDCCI interactive session in New Delhi, Uzbekistan’s Ambassador highlighted massive economic reforms, $120 billion FDI inflow, rising India-Uzbekistan trade, and major investment opportunities for Indian businesses in energy, pharma, textiles, IT, mining, tourism, and infrastructure.
New Delhi.: The PHD Chamber of Commerce and Industry (PHDCCI) hosted an engaging interactive session with H.E. Mr. Sardor Rustambaev, Ambassador of Uzbekistan to India, bringing renewed attention to the expanding economic, trade and investment opportunities between India and Uzbekistan. The discussion highlighted Uzbekistan’s remarkable economic transformation, major investment inflows, growing bilateral trade, and high-potential sectors for Indian businesses.
According to the Ambassador, Uzbekistan today stands as one of Central Asia’s most dynamic economies—boasting a GDP of nearly $115 billion (2024), foreign trade doubling to $65 billion, and a massive FDI inflow of $120 billion since 2018. With access to a 300-million strong consumer market through free-trade corridors, Uzbekistan is positioning itself as a regional investment gateway.
Uzbekistan’s Reform-Driven Economic Expansion
Ambassador Rustambaev expressed gratitude for PHDCCI’s continued engagement, noting that this was his fifth or sixth visit to the Chamber. He highlighted the sweeping reforms that have reshaped Uzbekistan’s economy—simplified regulations, tax incentives, liberalised foreign exchange, and large-scale infrastructure upgrades.
Key outcomes of reforms include:
- GDP growth from $62 billion (2017) to $115 billion (2024)
- FDI inflow of $35 billion in 2024 alone
- Investment across manufacturing, IT, logistics, mining, energy and transport
- Rising bilateral trade with India, currently nearing $1 billion
- Over 317 Indian enterprises, including 224 fully Indian-owned companies, already operating in Uzbekistan
Indian tourism to Uzbekistan has risen sharply—from 20,000 visitors three years ago to 80,000 last year—with expectations of crossing 100,000 this year. Improved air connectivity, including flights to Delhi, Mumbai, Goa and new planned routes, is boosting people-to-people engagement.
Opportunities for Indian Businesses Across Priority Sectors
The Ambassador outlined key sectors open for Indian investment:
- Renewable energy & green hydrogen
- Pharmaceuticals & life sciences
- Information technology & digital economy
- Textiles & apparel
- Mining & rare earth minerals
- Agriculture & food processing
- Tourism & hospitality
- Higher education & skill development
Uzbekistan’s free economic zones, offering tax and customs exemptions, and its major push for 50% renewable energy—with $14 billion already invested—create significant advantages for Indian investors.
Uzbekistan’s Competitive Edge: Young Workforce & Rich Resources
Mr. Abdulaziz Abduganiev, First Secretary, Embassy of Uzbekistan, showcased Uzbekistan’s strong demographics and natural resources. With a population of 37 million, 88% under the age of 55, and a workforce of over 20 million, the country offers skilled talent with rapid economic mobility.
Uzbekistan ranks among the world’s top nations in:
- Natural gas (Top 20)
- Gold (Top 10)
- Uranium (Top 15)
- Cotton (Top 10)
The nation also holds major deposits of copper, zinc, molybdenum and other critical minerals, strengthening prospects in manufacturing, EV batteries and green technologies.
PHDCCI Leadership Strengthens India–Uzbekistan Business Ties
Mr. Vikas Khanduri, Co-Chair, International Affairs (Europe & CIS), PHDCCI, welcomed the Ambassador and highlighted synergies in pharma, textiles, tourism, IT, agro-processing and infrastructure. He lauded Uzbekistan Airways for strengthening air connectivity with Indian cities.
Dr. Ranjeet Mehta, CEO & Secretary General, PHDCCI, congratulated Ambassador Rustambaev for his extended jurisdiction over Maldives and Bangladesh and noted the deep cultural ties binding India and Uzbekistan. He urged Indian companies to seize opportunities in Uzbekistan’s liberalised, business-friendly economy.
Mr. Naveen Seth, Deputy Secretary General, PHDCCI, emphasised that the session aimed to facilitate direct dialogue between Indian businesses and the Uzbek Embassy. He announced an upcoming business delegation to Uzbekistan to explore concrete investment collaborations.
A New Era of Economic Partnership
The session reaffirmed both nations’ commitment to strengthening bilateral trade, investment and economic cooperation. With over 317 Indian companies already in Uzbekistan and trade poised to cross $2 billion, the partnership is entering a high-growth phase.
PHDCCI and the Embassy of Uzbekistan pledged continued support to Indian industries exploring Uzbekistan’s rapidly emerging opportunities—setting the stage for deeper collaboration, shared prosperity and enduring friendship.
