Remarks by Ambassador at the India-Uzbekistan Business Forum
Central Asian Expocentre, Tashkent; June 18, 2026
H.E. Mr. Abdulla Azizov, Director of the Agency for the Development of the Medical and Pharmaceutical Industry under the Ministry of Health
H.E. Ambassador Sardor Rustambaev
Joint Secretary from Ministry of Commerce & Industry Mr. Mohit Yadav
When we look at the amazing trajectory of our relations, we are looking at an ecosystem that is deep and rooted in civilizational affinities.
These deep bonds between our peoples were simultaneously sustained by commerce trade and philosophical exchanges. Centuries ago, Indian merchants guided massive caravans across the Hindu Kush mountains into very hearts of the buzzing cities of Samarkand and Bukhara.
Indian merchants brought along premium Indian cotton textiles, vibrant indigo dyes, raw cane sugars, ghee and spices like black pepper and cardamom that permanently enriched Central Asian culinary cultures and sariyok known as ghee in India. I am sure my Uzbek friends are aware that Ibn Sina spoke about the benefits of sariyok which modern science is now corroborating.
Uzbek traders exported several thousands of horses to India alongside ceramics and dry fruits. If I am not mistaken, this was not a primitive cash-and-carry system. Indian bankers set up permanent shop inside Uzbek markets and established the Hundi system—effectively an advanced, paper-based bill of exchange. A merchant could deposit his earnings in Central Asia, receive a handwritten credit note, and encash it later in Agra decoupling financial risks from the physical transport. It was one of the most vibrant trade systems in the world. Historians amongst us might have some understanding of the value which must have been billions of dollars in current terms.
Now the question is that if this historical synergy was so powerful and organic why it faced a modern slowdown? Actually, we all know the answer. Geopolitics and denial of direct land connectivity to our countries have placed a frustrating brake on this vibrant trade partnership.
We are now trading via maritime ports and sometimes via air. The current situation in west Asia has also not been conducive to trade affecting economies, our lives and inflating the logistical costs. In the long run, I am of the view that this stagnation in connectivity created by narrow politics will become unsustainable. India’s voracious industrial appetite is expanding at an unprecedented rate. Driven by green energy transition, the electric vehicle revolution, and mass urbanization, India will one of the biggest consumers in the world. I think the annual copper requirement alone is projected to hit four to five million metric tonnes by 2035. There is demand for fertilisers, critical tech material and agri products like saffron or asafoetida which is an expensive product (USD 260-270 per kilogram) and world’s 80 percent of it is consumed by India alone. All this creates a macro-developmental match for Uzbekistan, which is scaling up its own output. Simultaneously, India can export at a fraction of the cost of other suppliers. We are called the "pharmacy of the world," as we produce high -quality, affordable generic life-saving medicines We can also supply rugged, climate-resilient machinery, mobile technology, and automotive parts built specifically to handle intense wear and tear - at a thirty to forty percent less price compared to expensive equipment that have rigid maintenance contracts. I am also conscious that the ultimate breakthrough for our strategic partnership lies in joint ventures, co-production, and sustainable development projects. We are therefore investing in Uzbekistan in several sectors and our investments are now close to USD 750 million and expected to cross a USD 1 billion mark. I encourage investments in health education, agro processing, financial services, IT and infrastructure development. The signing of Bilateral Investment Treaty has helped. As your economy continues to grow and expand, we also invite investments from Uzbekistan to take advantage of the growth story unfolding in India.
There is another interesting recent development that I wish to share. Increasingly more and more Indian students are coming to Uzbekistan for studying medicines. They contribute close to USD 100 million to the Uzbek economy. We are the largest source country for global student mobility contributing USD 70 billion to the global economy including Uzbekistan. There is lot of potential here and we must work together to address issues of mutual interest and concern. Both Ambassador Sardor Rustambaev and I are coordinating this effort.
Another area I see potential is in spiritual and wellness tourism including Ayurveda. Yoga market today in the world is USD 136 billion and Ayurveda market close to USD 25 billion. We have been long training yoga enthusiasts in Uzbekistan. In a chaotic fragmented world, people seek peace and stillness. Because of its beauty, Uzbekistan can be a hub of wellness tourism in Central Asia and beyond. Our resorts like Ananda in the Himalaya have been voted by the Condé Nast Traveller Readers' Travel Awards as the Favourite Destination Spa" and have been also ranked as the #1 Destination Spa in the Rest of the World. So, let us work on this. I am glad that two of the Indian pharma companies present here have evinced interest in investing in Ayurveda products in Uzbekistan.
Also, I think there is merit in working towards designing direct local currency payment mechanisms. This will be the digital evolution of our ancestors' Hundi credit notes.
We congratulate Uzbekistan for their phenomenal growth under President Mirziyoyev and the reforms initiated and implemented. we strongly support your efforts and also your membership to WTO on which a Protocol has recently been signed between our countries.
Just to let you all know last year we had 250 Indian nationals visit Uzbekistan for business purpose and I think tourism from my country has already crossed the hundred thousand mark. In the same spirit, we also look forward to a very strong participation from the Uzbek side at the BRICS MSME forum tomorrow.
As we hold the next meeting of Inter Governmental Commission in Tashkent, we are fully committed to translating our mutual respect and goodwill into concrete, practical outcomes for the benefit of peoples of both our nations.
