President of Uzbekistan Shavkat Mirziyoyev will attend the Vibrant Gujarat international investment summit as a key guest in a first Central Asian country to participate as a country partner in the flagship investment summit of Gujarat.
During the two day summit, the President will also hold a bilateral meeting with Prime Minister Narendra Modi, who will inaugurate the 9th edition of the summit on January 19th.
“Our President is coming to participate along with a government and business delegation for the Vibrant Gujarat Summit,” Farhod Arziev, Uzbekistan’s Ambassador to India, told The Hindu on January 14.
The high-level delegation from Uzbekistan includes heads of Investment Committee, Trade Committee, Chamber of Commerce, Ministry of Foreign Affairs as well as more than 60 business owners, CEOs of the biggest national and private companies of Uzbekistan.
According to him, this is the second visit of President Mirziyoyev to India during the last four months. State visit of Uzbekistan’s President in October 2018 opened a new chapter in Uzbek-India relations, including wider trade and investment cooperation.
During the two day summit, the first meeting of newly formed Uzbekistan Indian Business Council will also be held to pitch the central Asian country as an investment destination for Indian businesses.
“As Uzbekistan is opening up as an investment destination, Indian businessmen look at the country as a hub for further expansion within the resource-rich region,” Ambassador Arziev said. "Economic liberalization, rapid political reforms and encouragement of FDI make Uzbekistan an inviting destination for business and investment.”
Investment opportunities
In Uzbekistan, Indian companies are exploring investment opportunities in the sectors like pharmaceutical, textile, education, Information Technology and tourism.
“Since Gujarat is a hub of pharmaceuticals as top firms are based here, we have invited countries like Uzbekistan and African countries where our companies can explore opportunities for enhancing their trade and businesses,” Gujarat Chief Secretary Dr. J.N. Singh said.
To attract investments in the pharmaceutical sector, an Uzbek Indian Free Pharmaceutical Zone is being developed in the Andijan region and this project was among 17 agreements that were inked during the Uzbek president’s State visit to India last year.
In Uzbekistan, 18 free economic zones (FEZ) have been established with a 30-year operational life and the possibility of a subsequent extension. Seven of them have a pharmaceutical focus.
After the inauguration of the summit by PM Modi, a country seminar on Uzbekistan will be held with a special focus on Uzbek Indian Free Pharmaceutical Zone in Andijan.
Andijan and Gujarat are developing mutual cooperation within a partnership memorandum that will be linked in the seminar. After the last year’s visit of Uzbekistan President, Vibrant Gujarat Summit is the first platform where both India and Uzbekistan leaders seek to strengthen business and trade ties between the two countries.
“Uzbekistan provides most favored nation (MFN) status to 45 countries, including India. Friendly investment environment is based on a reliable legal frame and a wide range of guarantees and benefits for investors, including tax incentives, providing land and buildings on attractive terms,” Mr Arziev said.
