On April 21 this year, Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan S. Umurzakov had a video conference with Minister of Commerce and Industry of the Republic of India Piyush Goyal.

The participants discussed the progress and prospects of developing bilateral investment, trade and economic cooperation, including joint measures to minimize the negative impact of the coronavirus pandemic on the commodity circulation between the two countries. In view of this, they worked out mechanisms of interaction between the relevant ministries and departments of Uzbekistan and India to remove quarantine restrictions and facilitate access to the markets of both countries.

The parties paid particular attention to activities of the established Uzbek-Indian Committee for the Coordination and Promotion of Implementation of Bilateral Projects. During negotiations, the parties proposed to have the first meeting of the Committee in the near future via video conference. This meeting will provide the tracking of progress in joint initiatives, identification of pressing concerns and development of mechanisms for joint work to resolve existing problems.

Moreover, expansion of investment cooperation provides synchronization of efforts of both parties to develop and agree certain investment proposals in information technology, pharmaceuticals, textile production, agriculture, production of building materials spheres, as well as export contracts with a view to sign firm agreements between Uzbek and Indian investors and partners during joint events expected after the improvement of global epidemiological situation.

The meeting also touched upon financial and technical cooperation. It is planned to enable joint operation of ministries and departments of both countries and involve leading Indian consultants to develop and coordinate technical and economic parameters of social and infrastructure projects to be financed from the funds allocated by Eximbank of India. Besides, they discussed possible attraction of Indian grants for small projects within social and economic development, in particular, through the development of infrastructure in education, alternative energy, healthcare, agriculture, micro irrigation and other areas.

The participants paid a particular attention to the development of cooperation in the transport and logistics sector. It is expected to develop expert groups involving subject matter experts to study Indian experience in integration in international transport corridors systems.

It is also expected to accelerate development of new projects and initiatives in construction and reconstruction of the transport infrastructure of Uzbekistan.

The parties agreed to accelerate elaboration and expert approval of the draft Agreement on mutual protection and promotion of investments, and the Agreement on preferential trade to complete negotiations on these documents in the near future.

Video conference resulted in agreement to constantly maintain close communication between the top officials of relevant ministries and departments. This will quickly resolve issues of bilateral investment and trade and -economic cooperation to rapidly progress in the implementation of common projects and initiatives.