Uzbekistan has invited Indian companies to invest in its mining and metallurgy sector, offering opportunities across gold, copper, uranium, critical minerals and rare earth elements. The Central Asian nation has projected bilateral trade with India to reach $2 billion next year, signalling a deepening economic partnership between the two countries.
Addressing more than 200 business representatives at the India-Uzbekistan Business Forum in New Delhi, Uzbekistan’s Minister of Investment, Industry and Trade, Laziz Kudratov, said the country is keen to bring Indian technology, expertise and capital into its mineral and metals sector. Union Commerce and Industry Minister Piyush Goyal was also present at the forum.
“First, of course, is mining and metallurgy. We discussed with Minister Goyal opportunities that Uzbekistan possesses. We are top 10 globally in terms of gold, copper, uranium deposits. We have almost all types of critical minerals and rare earth elements. We would be happy to discuss and to bring Indian technologies, know-how, and capital to develop steel production, deep processing of copper, and rare earth metals,” Kudratov said.
The Uzbekistan mining investment pitch comes at a time when bilateral trade between the two nations grew by 30 per cent last year, crossing $1.3 billion for the first time. Kudratov expressed confidence that the figure would touch $2 billion next year and outlined ambitions to scale trade to $3–5 billion in the coming years.
Critical Minerals and Rare Earth Development
Uzbekistan positioned itself as a significant destination for Uzbekistan mining investment in critical minerals and rare earth elements, with Kudratov highlighting the country’s resource base spanning nearly all categories of critical minerals. Around 400 Indian companies currently operate in Uzbekistan, with a joint project portfolio exceeding $5 billion.
Beyond mining and metallurgy, Kudratov identified chemicals, renewable energy, pharmaceuticals and the automotive sector as priority areas for expanding bilateral economic cooperation. On the chemical industry, he noted that Uzbekistan is among the region’s largest fertiliser producers and invited Indian firms to expand fertiliser manufacturing in the country to supply both Indian and third-country markets.
“We would be happy to cooperate not only in trade, but also talk to Indian companies on the expansion of fertilizer manufacturing in Uzbekistan in order to supply the mended products, not only for Indian markets, but also for the third countries together,” he said.
Broader Investment Areas and Renewable Energy Ambitions
Kudratov outlined Uzbekistan’s renewable energy plans, noting that the country aims to increase the share of renewables in its energy mix from 30 per cent to 54 per cent by 2030. This target creates opportunities in solar and wind power, battery storage and data centre development supported by low-cost green electricity.
In the pharmaceutical sector, where Uzbekistan imports more than $3 billion worth of medical products annually, Indian companies were invited to establish joint manufacturing of medicines and vaccines. Kudratov cited ongoing collaborations with Dr. Reddy’s and Cipla as examples of existing partnerships.
Highlighting opportunities in the automotive sector, Kudratov said Uzbekistan manufactures around 500,000 vehicles annually through facilities operated by international manufacturers and called on Indian companies to localise production of automotive components and industrial equipment.
Bilateral Trade and Next Steps
According to the Embassy of India in Tashkent, India is among Uzbekistan’s top 10 trading partners, with bilateral trade reaching $1.32 billion. India’s major exports include pharmaceutical products, mechanical equipment, vehicle parts, optical instruments and mobile phones, while imports from Uzbekistan comprise fruit and vegetable products, fertilisers, juices, lubricants and services.
Speaking at the forum, Jaidev Rajnikant Shroff, CEO of United Phosphorus, said India’s manufacturing and technology strengths complement Uzbekistan’s abundant natural resources and strategic location. “Combining India’s innovation, manufacturing capabilities, and technology expertise with Uzbekistan’s strategic location with abundant natural resources, we have an extraordinary opportunity to build resilient value chains,” Shroff said.
Both governments confirmed they are working to improve trade facilitation, enhance market access and reduce administrative barriers to strengthen bilateral business ties, with Uzbekistan mining investment remaining a central pillar of the expanding partnership.