India, Uzbekistan to establish Business Council

India and Uzbekistan will set up a Business Council, with industry bodies of the two countries signing an agreement to create a new B2B structure which will develop a road-map for increased cooperation and mutually beneficial partnerships, a statement said.

The agreement for setting up the council was signed last week between Chamber of Commerce and Industry of Uzbekistan and Confederation of Indian Industry (CII) here in the run up to Uzbekistan's President Shavkat Mirziyoyev's visit to India.

Prime Minister Narendra Modi and Mirziyoyev held delegation level talks Monday and agreed to collaborate across sectors.

According to the statement, the council will facilitate initiatives pertaining to the promotion of trade and investment, business alliances and possibilities of direct collaboration between companies from both the countries.

It will also explore possibilities and address sectors of mutual interest like trade, investment and technological cooperation in sectors such as agriculture and agro-processing, health-care, education, textile and apparel, chemicals and pharmaceutical, leather, auto and engineering, energy, gems and jewellery, tourism, amongst others.

"The council also aims to promote trade fairs and exhibitions between the countries and work in developing small and medium scale industries, exchange of business delegations, support activities such as seminars, conferences for promoting economic engagement," the statement said.

"This marks a step forward in the deep and strong relations between the countries and we are confident that the council will be able to further strengthen economic relations between both the countries," Farhod Arziev, Ambassador of Uzbekistan said.

The council will meet on an annual basis and more frequently if necessary. It will submit its report to the government and identify issues, which can be taken for discussions in the inter-governmental meetings.

The council constitutes two co-chairpersons from both the countries and 10 members from each side. Associate members or special invitees can be included in the council at the discretion of the co-chairs.