Uzbekistan Ambassador Highlights Investment Boom at PHDCCI Interactive Session

New Delhi, December 2, 2025: The PHD Chamber of Commerce and Industry (PHDCCI) recently hosted an impactful interactive session with Sardor Rustambaev, Ambassador of Uzbekistan to India, New Delhi, highlighting the growing trade and investment opportunities for Indian industry in Uzbekistan. The session underscored Uzbekistan’s rapid economic growth, dynamic reforms, and strategic initiatives to attract foreign investments, particularly from India. With a flourishing GDP of nearly $115 billion in 2024, doubling of foreign trade to $65 billion, and an FDI inflow of $120 billion since 2018, Uzbekistan positions itself as a gateway to Central Asia’s 300-million consumer market. Indian businesses are invited to explore vast opportunities across renewable energy, pharmaceuticals, textiles, IT, mining, agriculture, tourism, and more, fostering a robust partnership grounded in historical and cultural ties.
Sardor Rustambaev, Ambassador of Uzbekistan to India, New Delhi, expressed delight at his fifth or sixth visit to PHDCCI, thanking the chamber for hospitality and the platform to engage business leaders. Under former President Ashraf Ghani's leadership, Uzbekistan pursued comprehensive reforms for an open, transparent economy, simplifying investments, offering tax incentives, and upgrading infrastructure. GDP surged from $62 billion in 2017 to nearly $115 billion in 2024; foreign trade turnover doubled to $65 billion; FDI reached $120 billion from 2018-2024, with $35 billion in 2024 alone- 35% into manufacturing, plus IT, energy, transport, logistics, and mining.
India-Uzbekistan trade nears $1 billion, with 317 Indian-capital enterprises (224 fully Indian-owned); 10 projects worth $140 million completed in three years, 20 more at $350 million underway; bilateral target of $2 billion soon. Key sectors: renewable energy/green hydrogen, pharma/life sciences, IT/digital economy, textiles/apparel, mining/rare earths, tourism/hospitality, education. Indian tourism quadrupled from 20,000 visitors three years ago to 80,000 last year, targeting 100,000 this year, boosted by Uzbekistan Airways flights to Delhi, Mumbai, Goa, and upcoming Tashkent-Delhi routes. Free economic zones offer tax/customs breaks; enhanced rail/air/road connectivity planned.
Abdulaziz Abduganiev, 1st Secretary, Embassy of Uzbekistan, New Delhi, presented videos on Uzbekistan's reforms under the President's leadership, creating a free market for global investors. Uzbekistan has 37 million people (88% under 55, 20 million active workforce, 1 million annual growth), accessing 300 million via free trade agreements; top rankings: natural gas (top 20), gold (top 10), uranium (top 15), cotton (top 10), plus rare metals like molybdenum, zinc, copper. Green infrastructure targets 50% renewable energy with $14 billion invested; tax reforms cut profit tax from 23% to 12%; liberalized forex; removed 500 government regulations; visa-free for 90+ countries.
Foreign direct investment in Uzbekistan surged from $3.4 billion in 2017 to over $34 billion in 2024, accumulating a total of $120 billion between 2018 and 2024. Promising sectors include textiles, where 25 firms export over $50 million annually and 5 exceed $100 million, emphasizing finished goods production; chemicals and fertilizers; agri-food processing to reduce 30% field-to-table losses; and green energy projects spanning solar/wind plants, EV batteries, and copper initiatives. Strategically located, Uzbekistan links the Far East to Europe with extensive flight networks and abundant subsoil resources.
Vikas Khanduri, Co-Chair, International Affairs - Europe & CIS, PHDCCI, welcomed the distinguished guests. He outlined key synergies across pharmaceuticals, textiles, tourism, education, IT, infrastructure, and agro-processing, positioning the session as a catalyst for actionable business linkages and market understanding. Mr. Khanduri commended Uzbekistan Airways for expanding flights to multiple Indian cities and the tourism board's initiatives in promoting Uzbekistan to smaller towns, enhancing accessibility and collaboration.
Dr. Ranjeet Mehta, CEO & Secretary General, PHDCCI, congratulated H.E. Ambassador Sardor Rustambaev on his expanded responsibilities for Maldives and Bangladesh, emphasizing the deep mutual trust and cultural ties underpinning India-Uzbekistan relations. He highlighted Uzbekistan's emergence as a dynamic market with enhanced ease of doing business, urging Indian industries to seize opportunities in renewable energy and pharmaceuticals amid shifting global trade dynamics and tariffs. Dr. Mehta stressed the strategic importance of diversification into new markets like Uzbekistan, noting short flight durations and strengthening people-to-people connections, with PHDCCI fully committed to fostering these partnerships.
Naveen Seth, Deputy Secretary General, PHDCCI, underscored the session's purpose: enabling direct interactions with the Uzbek Embassy to clarify investment opportunities for Indian companies. He announced plans for a forthcoming business delegation, supported by both embassies and local chambers in Uzbekistan. Mr. Seth highlighted PHDCCI's pivotal role in forging robust economic partnerships that drive mutual growth, regional stability, and enhanced diplomatic ties through its extensive global network.
This interactive session reiterated the unwavering commitment of Uzbekistan and India to deepen their bilateral economic engagement through increased trade, diversified investments, and people-to-people connect. With over 317 Indian enterprises already established in Uzbekistan and a bilateral trade nearing $1 billion, both nations are poised to achieve a $2 billion trade target in the near future. PHDCCI and the Embassy of Uzbekistan stand ready to support Indian investors and entrepreneurs in tapping into Uzbekistan’s promising sectors, driving innovation, sustainability, and inclusive growth for shared prosperity. Together, India and Uzbekistan are building enduring bridges of investment, collaboration, and friendship that promise a thriving future for both countries.