Piyush Goyal calls for co-investment at India-Uzbekistan Business Forum
Synopsis
Union Commerce Minister Piyush Goyal keynoted the India-Uzbekistan Business Forum on August 3, 2026, alongside Uzbek Minister Laziz Kudratov, calling on businesses to co-invest, co-manufacture and co-innovate to deepen bilateral trade and investment ties.
Key Takeaways
Piyush Goyal delivered the keynote at the India-Uzbekistan Business Forum on August 3, 2026 .
He appeared alongside Uzbekistan's Minister of Investment, Industry and Trade, Laziz Kudratov .
Goyal urged businesses to 'co-invest, co-manufacture and co-innovate' to spur growth on both sides.
He described a 'new dynamism' in India-Uzbekistan ties and said trade must 'lead from the front.' The forum fits into India's broader Central Asia outreach, anchored by the India-Central Asia Summit of January 2022 and connectivity projects including Chabahar .
A new chapter in India's Central Asia economic push opened on Monday, August 3, 2026, as Union Commerce and Industry Minister Piyush Goyal delivered the keynote address at the India-Uzbekistan Business Forum, urging businesses on both sides to move beyond trade talk and into concrete co-investment, co-manufacturing and co-innovation.
Speaking alongside Uzbekistan's Minister of Investment, Industry and Trade, Laziz Kudratov, Goyal framed the moment as one of fresh momentum. 'There is a new dynamism in our ties that we can work to convert into more commerce, business, jobs and investments in each other's economies,' he said, adding that 'trade has to lead from the front for this partnership to grow further.'
From historical ties to a business-first agenda
India and Uzbekistan share longstanding historical and cultural links, but the economic relationship has long punched below its potential. The forum represents a push to change that calculus. Goyal's call for businesses to 'co-invest, co-manufacture and co-innovate' signals a deliberate shift from buyer-seller dynamics to deeper supply-chain integration — the kind that creates durable jobs and anchors bilateral ties against geopolitical headwinds.India's broader Central Asia play
The forum sits within a larger strategic pattern. Since the India-Central Asia Summit of January 2022, New Delhi has worked to institutionalise economic and connectivity cooperation with the five Central Asian republics. Platforms such as the Shanghai Cooperation Organisation and connectivity projects like the Chabahar port corridor have been central to that effort — giving Indian exporters an alternative route into a region traditionally dominated by other powers. Uzbekistan, as the most populous Central Asian state and a manufacturing hub in its own right, is a natural anchor for that ambition.What businesses were asked to do
Goyal's address was not a diplomatic pleasantry — it was a direct pitch to the private sector. He urged exporters and investors from both countries to identify sectors where joint ventures make commercial sense, move capital, and build supply chains that span the two economies. The message: the governments have set the table; now business must sit down and eat. Whether the forum produces concrete follow-up announcements — joint manufacturing agreements, trade facilitation measures, or updated bilateral trade targets — will be the real measure of the 'new dynamism' Goyal described. The next few months will show whether this keynote was a catalyst or a calendar entry.Point of View
Rather than simple export promotion, reflects New Delhi's post-2022 ambition to embed itself in Central Asian supply chains, not merely sell into them. With the SCO and Chabahar providing the connectivity scaffolding, Uzbekistan is emerging as India's most viable economic anchor in the region. The real test will be whether Indian and Uzbek businesses follow the minister's call with capital and contracts in the months ahead.
NationPress
3 Aug 2026
Frequently Asked Questions
What is the India-Uzbekistan Business Forum?
The India-Uzbekistan Business Forum is a bilateral platform that brings together government officials and private-sector representatives from both countries to identify trade, investment and manufacturing opportunities.
What did Piyush Goyal say at the India-Uzbekistan Business Forum in 2026?
Goyal called on businesses from both countries to co-invest, co-manufacture and co-innovate, saying trade must 'lead from the front' for the partnership to grow and describing a 'new dynamism' in India-Uzbekistan ties.
Who is Laziz Kudratov?
Laziz Kudratov is Uzbekistan's Minister of Investment, Industry and Trade, and he co-chaired the India-Uzbekistan Business Forum alongside Piyush Goyal on August 3, 2026.
Why is India focusing on Uzbekistan for trade?
Uzbekistan is the most populous Central Asian republic and a growing manufacturing hub. India sees it as a key partner in diversifying trade routes — including via the Chabahar corridor — and reducing dependence on traditional markets.
What was the India-Central Asia Summit of 2022?
The India-Central Asia Summit , held in January 2022 , was a landmark meeting between India and the five Central Asian republics aimed at institutionalising economic, connectivity and people-to-people cooperation across the region.
