Tashkent [Uzbekistan], August 30 (ANI): Setting an ambitious economic roadmap, India and Uzbekistan have set a target to quintuple their bilateral trade to USD 5 billion by 2030, driven by expanded market access, improved connectivity, and modern banking channels.
Delivering a press statement alongside President Shavkat Mirziyoyev in Tashkent, Prime Minister Narendra Modi placed trade expansion at the centre of the bilateral agenda and noted that the ambitious target builds on current trade figures that have crossed $1 billion.
He emphasised that the two nations have decided to elevate their diplomatic ties to a "Comprehensive Strategic Partnership", marking 15 years of strategic relations.
This year marks 15 years of our strategic partnership. On this special occasion, we have decided to elevate our relations to a 'Comprehensive Strategic Partnership'. We have prepared an ambitious agenda to move forward with speed. Our bilateral trade has crossed USD 1 billion, and we have now set a target of USD 5 billion by 2030. To achieve this, we will systematically move forward on market access, connectivity, and banking," PM Modi said.
Alongside economic targets, PM Modi noted that both India and Uzbekistan reaffirmed a firm commitment to regional security, defence cooperation, and countering non-state threats in Central Asia.
"Close defence and security cooperation reflect our mutual trust. We believe terrorism, extremism, and separatism are serious challenges for the region, and zero tolerance against them remains our shared resolve," he added.
Meanwhile, President Mirziyoyev described PM Modi's two-day state visit to the Central Asian nation as "historic" and said Prime Minister Modi had made an "invaluable personal contribution" to achieving the important milestone in bilateral relations."
As a result of today's historic visit and our productive talks, we have elevated relations between our friendly countries to the level of a Comprehensive Strategic Partnership. This is truly historic," Mirziyoyev said.
On bilateral trade, Mirziyoyev said the current trade turnover of USD 1 billion between India and Uzbekistan should not be considered the limit and expressed confidence that the two countries could significantly expand economic ties.
"The current trade turnover of one billion US dollars is not the limit. We are still far from achieving our goals. We are aiming for five billion US dollars as the first benchmark, and I truly believe that in the future we can easily achieve a trade turnover of ten billion US dollars," he said.
India and Uzbekistan have maintained diplomatic relations since March 18, 1992, when the protocol establishing diplomatic ties was signed in Tashkent. India was among the first countries to recognise Uzbekistan's sovereignty following its independence.
The two countries elevated their relationship to a Strategic Partnership in 2011. Since then, the bilateral partnership has been supported by several institutional mechanisms at the political and official levels to facilitate regular engagement. PM Modi's current visit is his first visit to Uzbekistan since 2015. He had also visited the country in 2016 and 2022 to attend the Shanghai Cooperation Organisation (SCO) Summits.
The India-Uzbekistan relationship has also witnessed several high-level exchanges, including President Mirziyoyev's State Visit to India in 2018 and his participation in the Vibrant Gujarat Global Summit in 2019. (ANI)
India, Uzbekistan target USD 5 billion bilateral trade by 2030: PM Modi
