India is looking to expand cooperation in mining and critical minerals with Uzbekistan as the two countries, with historical connections that ran through the ancient Silk Road trade routes, deepen their strategic partnership.
New Delhi has been looking to secure its supply of critical minerals amid the trade tensions that have disrupted supply chains globally. Rare earths and rare-earth magnets are critical components in green energy transition, going into everything from wind turbines to electric vehicles. China currently dominates much of the rare earth trade and rare-earth magnet production in the world.
India has expanded its search for reliable rare-earth supplies recently, with state-owned miner IREL seeking samples from Myanmar – which produces half of the world’s supply – and a deposit owned by Russia’s Rosneft in Siberia.
Uzbekistan foreign minister Bakhtiyor Saidov, who is on a four-day visit to New Delhi, said during a meeting with his Indian counterpart S. Jaishankar: “The special instruction to me personally and to my whole delegation is to visit your country to prepare (for) the upcoming visit of Prime Minister [Narendra Modi] to Uzbekistan.”
Saidov called India his country’s reliable and “most important strategic and trade partner in South Asia.” India has strategic partnerships with Uzbekistan and other Central Asian nations – all former Soviet republics – as they face common challenges like terrorism and drug trafficking.
India’s trade minister Piyush Goyal on Monday invited businesses from both countries to expand cooperation through “co-investment, co-manufacturing, and innovation.” Bilateral trade between India and Uzbekistan is only around $1.5 billion, but both countries want to double it in three years.
“Uzbekistan presents opportunities for Indian investment in mining, while cooperation in textiles can benefit from Uzbekistan’s cotton production strengths and India’s expertise in manufacturing, design and global markets,” Goyal said.
Indian President Droupadi Murmu, while meeting with Saidov, noted the two countries’ “shared heritage in architecture, language, cuisine, music, and religious traditions.”
The two countries also share robust educational and professional exchange ties, with more than 16,000 Indian students currently pursuing higher studies in Uzbekistan. “They act as a bridge between the two countries and foster mutual understanding and strong people-to-people ties,” the Indian president said.