The parties discussed the current state of bilateral investment, trade-economic cooperation and prospects for its further development, including joint measures to minimize the negative impact of the coronavirus pandemic on the trade between the two countries, the press service of the MIFT reported.

The sides also talked about the issues related to the activities of the recently created Uzbek-Indian committee for coordinating and promoting bilateral projects – it was proposed to hold the first meeting of the committee in the near future in a videoconference format. This will make it possible to track the current state of implementation of joint initiatives, identify problematic issues and develop mechanisms for cooperating in order to resolve existing problems.

Moreover, in order to expand the scope of investment cooperation, both countries will focus on the development of specific investment proposals in the field of information technology, pharmaceuticals, textile production, agriculture, the production of building materials, as well as export contracts with the prospect of signing agreements between Uzbek and Indian investors during a joint event to be held after the improvement of global epidemiological situation.

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

The sides also touched upon issues of financial and technical cooperation– joint activities of the relevant ministries and departments will be intensified with the involvement of leading Indian consultants to develop and coordinate technical and economic parameters of social and infrastructure projects financed with the funds allocated by Eximbank of India. In addition, the parties discussed the possibility of attracting Indian grants for the implementation of small projects in the field of socio-economic development, in particular, developing infrastructure in education, alternative energy, healthcare, agriculture and micro-irrigation and other areas.

The development of cooperation in the transport and logistics sector was another topic discussed – it is planned to form expert groups to study the Indian experience in integrating international transport corridors into the system.

The countries plan to intensify the development of new projects in the field of construction and reconstruction of the transport infrastructure of Uzbekistan.