Industry Odisha Bureau, Aug 30: Prime Minister Narendra Modi arrived in Tashkent on a state visit Saturday. President Shavkat Mirziyoyev personally received him warmly upon arrival at the airport. This marks Modi’s fourth visit to Uzbekistan since bilateral ties strengthened considerably. India and Uzbekistan currently share bilateral trade worth around $1.5 billion annually. Both countries now aim to nearly double that trade within three years. The two sides have set a target of approximately $3 billion in trade. Economic cooperation and investment featured prominently in the visit’s overall broader agenda.
The two countries formally declared a Strategic Partnership back in 2011, officials said. India ranks among Uzbekistan’s top ten trading partners, according to government officials. Trade between the two nations reportedly crossed $1.3 billion during 2025, officials said. Uzbekistan’s overall trade with India grew by roughly thirty percent in 2025 alone.
Commerce Minister Piyush Goyal said both countries could explore a trade agreement. He said bilateral trade still represents only a fraction of overall potential. Both sides have agreed to work toward easing market access and reducing barriers. Uzbekistan’s investment minister Laziz Kudratov said trade could reach two billion soon. Kudratov added the countries should eventually aim for three to five billion.
Uzbekistan has invited Indian firms to invest across several key strategic sectors. These sectors include mining, metallurgy, chemicals, energy, pharmaceuticals, automobiles and digital infrastructure. Cooperation is also expanding toward critical minerals including gold, copper and uranium. Uzbekistan has also invited Indian participation in rare earth element development projects.
Around 400 Indian companies currently operate businesses within Uzbekistan, according to data. Their combined project portfolio exceeds $5 billion, according to Rubix Data Sciences. India’s major exports include pharmaceuticals, mechanical equipment, vehicle parts and various services. Imports from Uzbekistan largely comprise fruits, vegetables, fertilisers and various lubricant products.
India and Uzbekistan maintain longstanding defence cooperation through a joint working framework. A Joint Working Group on defence cooperation was formally established back in 2019. The countries also conduct joint DUSTLIK military exercises on a regular basis. After Uzbekistan, Modi will travel to Bishkek for the SCO Summit next. India has also funded development projects including an allergological center in Tashkent. Indian community members in Uzbekistan number roughly eighteen thousand five hundred people.
The Tashkent visit forms part of India’s broader Central Asia strategy overall. Success of the $3 billion target depends heavily on market access progress. It also hinges on sustained investment flows and possible eventual free-trade negotiations. Officials say the relationship is shifting beyond trade toward broader strategic engagement.
