India, Uzbekistan sign investment agreements worth $250m
By Abdul Kerimkhanov
India and Uzbekistan have signed investment agreements worth $250 million during the I International Investment Forum held in Andijan, Uzbekistan on October 21.
Along with the investment agreements worth $250 million, other agreements worth $40 million have been signed on export of products of Uzbek manufacturers, which will create over 5,000 new jobs.
Another major agreement was the signing with the Indian company Cadila Pharmaceuticals Limited on the phased implementation of integrated pharmaceutical production with foreign direct investment of $50 million. Implementation of the project is envisaged for the period from 2019 to 2022 in the Andijan Farm pharmaceutical zone.
Cadila Pharmaceuticals Limited Corporate Finance President Ramesh Choksi said the pharmaceutical project provides for the creation of 1,500 new jobs.
"We have already agreed on a six-year development program for the company, which speaks of our long-term vision of developing relations with Uzbek partners," he stressed.
Members of the Indian delegation attended the inauguration of a branch of the Indian University of Shard in Andijan.
Addressing the forum participants, governor of Andijan region Shukhrat Abdurakhmanov noted that investment forums have become a platform for the exchange of experience and forging direct ties.
"We present to investors’ attention 17 investment projects in the field of mechanical engineering, five in the agricultural sector, four in the pharmaceutical industry and six in the light industry. However, the projects do not end there. We are open to your suggestions," the regional administration told the forum participants.
Deputy Prime Minister of Uzbekistan Elyor Ganiev noted the favorable geographical position of the Andijan region.
As he emphasized, many of foreign partners are already taking advantage of this advantage.
"We are interested in making the business mutually beneficial, and the investor could benefit, thereby contributing to the development of the economy. Over the past two years, the number of newly created enterprises with foreign investors in Uzbekistan doubled and reached more than 10,000. In 2019, we expect a double increase in the development of foreign direct investment in the amount of at least $7 billion," he stated.
Among the forum participants were heads of diplomatic missions, representatives of international financial institutions, ministries and departments.
Over 500 participants from 30 countries attended the event, organized by the Andijan region government with the support of the Ministry of Foreign Affairs of Uzbekistan and the Embassy of Uzbekistan in India.
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Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94
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