NEW DELHI, June 7: Uzbekistan could offer enhanced subsidies and technology transfer incentives to encourage greater investment from Indian pharmaceutical companies, strengthening its position as a regional hub for pharmaceutical manufacturing and supply, Deputy Minister of Investment, Industry and Trade Shokhrukh Gulamov has said.
“To expand local pharmaceutical manufacturing, Uzbekistan could adopt policies that simplify regulatory approvals and strengthen investment incentives. Streamlined licensing procedures, reduced bureaucratic barriers, and predictable regulatory timelines would make local production more attractive,” he told PTI.
Tax incentives and subsidies for technology transfer, industrial cluster participation, and export-oriented production could further encourage investment, he said.
“Access to well-equipped industrial zones and joint ventures with local partners can accelerate production capacity while ensuring compliance with quality standards. Protection of intellectual property and long-term policy stability are essential for high-value pharma investments,” he said.
Integrating local production with regional distribution networks and export programs would enhance profitability and reduce dependence on imports, he said.
Such reforms would support Indian companies in producing essential medicines domestically, improve local healthcare access, and simultaneously strengthen Uzbekistan’s role as a regional hub for pharmaceutical supply, he said.
Stressing that cultural diplomacy is central to strengthening economic relations, Gulamov said, Indian tourism and film projects showcase Uzbekistan’s heritage and create opportunities for hospitality, transport, and service sectors.
People-to-people engagement builds trust, facilitates smoother business collaborations, and encourages investment, he said, adding, cultural events, film festivals, and joint initiatives not only enhance bilateral goodwill but also support concrete economic outcomes, linking creativity with trade, tourism, and industrial cooperation.
Speaking about the growing trade partnership between India and Uzbekistan, Gulamov said, economic relations between the two countries have been expanding steadily, underpinned by a strong legal and institutional framework.
As of 2025, total bilateral trade reached USD 1.317 billion, a 33.3 per cent increase over 2024, with exports at USD 164.6 million (25.4 per cent increase over 2024) and imports at USD 1.153 billion (34.6 per cent rise over 2024).
In early 2026, he said, the trade volume was USD 300 million, demonstrating continued momentum despite seasonal fluctuations.
The partnership benefits from 117 signed bilateral agreements, including a Strategic Partnership Declaration (2011) and a recent Investment Protection Agreement (September 2024), alongside functioning mechanisms like the Intergovernmental Joint Commission and the Uzbekistan-India Business Council, which actively coordinates trade and investment projects, he said.
Indian investment is rising rapidly: in 2025, USD 292.9 million in direct investments were realized, and by May 2026, 397 Indian-invested enterprises operate in Uzbekistan, including 311 joint ventures, he said.
Trade and investment growth is complemented by improved connectivity, with increased freight volumes (51.2 per cent rise in 2025) and expanded air links, supporting deeper integration across transport, pharmaceuticals, engineering, and IT sectors, he added. (PTI)
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