Uzbekistan seeks
Indian Investments in Tourism
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Mr. Subhash Goyal, Convenor, FIEO Committee on Services (2nd from right) addressing the meeting. With him are, from left, Mr. Ashok Kumar, Dy. Director General, FIEO; Mr. Ajay Sahai, Director General, FIEO; Mr. G Tairov, Counselor, Embassy of Uzbekistan; and Mr. S Suyarov, Second Secretary, Embassy of Uzbekistan. |
Uzbek envoy seeks Indian investment in its tourism industry, which, he says, has tremendous growth potential. Addressing a meeting organized by FIEO on ‘Business Opportunities in Services with the Republic of Uzbekistan’ at New Delhi on 30th August, Uzbek Trade & Economic Counsellor in India, Mr. Gayrat Tairov observed that the current Indian business activities in Uzbekistan were confined to consumer goods, tanning, agricultural processing, drugs, textiles, construction and wholesale & retail trade, but the two countries had vast scope of cooperation in tourism sector.
According to Mr. Tairov, Agreement on Trade and Economic Co-operation between Uzbekistan and India provides the enabling framework for the two countries to boost bilateral trade. He informed that in 2006 the bilateral trade turnover between the two countries exceeded US $59 million and said that the two sides could multiply this figure in no time.
Currently, says Mr. Tairov, eleven Indian companies and organizations are accredited by the Ministry of Foreign, Economic Relations, Investments and Trade of Uzbekistan. This number will swell in near future given the friendly relations enjoyed by the two countries, he added.
FIEO Convenor of the Committee on Services Mr. Subhash Goyal during his address observed that Uzbekistan was planning to undertake a large number of projects like construction of hotels, tourist centers, auto transport enterprises, international highways etc. and Indian businessmen could arrest these opportunities to expand bilateral ties between the two sides.
Mr. Goyal went on to say that Uzbekistan is one of the friendly countries of India and given the vast reservoir of skilled manpower in India in sectors like healthcare, tourism, education, engineering, banking, information technology etc., there is a considerable scope for bilateral cooperation in services sector. India’s services export has substantially grown to US $73 billion in 2006 from a meager US $8.9 billion in 1997, he informed.
Earlier, while initiating the meeting, FIEO Director General Mr. Ajay Sahai observed that concerted efforts should be made to identify the scopes of bilateral cooperation between the two countries, especially in services like education, tourism, healthcare, gas exploration etc. He informed that GAIL had already made substantial investments in Uzbekistan and other Indian companies were also exploring possibilities of investing there. He further informed that Exim Bank was offering credit line for doing business with Uzbekistan and he exhorted Indian businessmen to avail this facility.
India and Uzbekistan have enjoyed trade, economic and culture ties over many centuries. However, the visit of Uzbek President Mr. Islam Karimov to India in April 2005 has heralded a new era of bilateral cooperation between the two countries. The Joint Statement then issued by the leaders of the two countries recognize the need to enhance trade, economic and investment co-operation and linkage in the banking and finance sector.
