Union Minister Nirmala Sitharaman, Ministry of Finance (MoF) was on an official visit to Uzbekistan from 24th to 28th September 2024 and led the Indian delegations of officials from MoF.
- During her visit, She attended the 9th Annual Meeting of Board of Governors of AIIB (Asian Infrastructure Investment Bank) held in Samarkand from 25th to 26th September 2024.
- She also held important bilateral meetings with Jin Liqun, President of AIIB, and her counterparts from Uzbekistan, Qatar, and China.
- She also called on Shavkat Mirziyoyev, President of Uzbekistan.
9th Meeting of Board of Governors of AIIB:
The 9th AIIB Board of Governors Meeting was held under the theme “Building Resilient Infrastructure for All”. Union Minister Nirmala Sitharaman attended the meeting as the Indian Governor to the AIIB.
Key Points:
i.The agenda focused on identifying strategies, best practices, and opportunities to develop resilient infrastructure and drive global positive impact.
ii.Notably, India is the second largest shareholder of the bank.
iii.Delegations from around 80 countries and various international organizations participated.
Signing of BIT between India and Uzbekistan
A Bilateral Investment Treaty (BIT) between India and Uzbekistan was signed by Indian Finance Minister Nirmala Sitharaman and Uzbekistan’s Deputy Prime Minister (PM) Khodjayev Jamshid Abdukhakimovich in Tashkent to provides essential protections for investors from both nations.
Key Points:
i.It aims to enhance investor confidence by guaranteeing a minimum standard of treatment and non-discrimination, along with establishing an independent arbitration forum for dispute resolution.
ii.The BIT also safeguards investments against expropriation and promotes transparency, transfers, and compensation for losses.
iii.The treaty is anticipated to facilitate increased bilateral investments, benefiting businesses and economies in both India and Uzbekistan.
iv.Notably, Overseas Direct Investment (ODI) from India to Uzbekistan has reached USD 20 million from April 2000 to August 2024, with key investments in sectors such as pharmaceuticals, amusement parks, automobile components, and hospitality.
Others:
i.Finance Minister Nirmala Sitharaman held discussions with Uzbekistan President Shavkat Mirziyoyev to discuss strengthening bilateral ties in fintech specially cross-border real-time payments system, renewable energy, and climate action.
ii.She also co-chaired India-Uzbekistan Business Forum in Tashkent, with Uzbekistan’s Deputy PM.
- An Intergovernmental Agreement on the Promotion and Mutual Protection of Investments was signed after the event.
iii.She visited Samarkand State University and the Lal Bahadur Shastri Monument in Tashkent.
- Notably, Lal Bahadur Shastri, the 2nd PM of India, passed away in Tashkent just hours after signing the Tashkent Declaration.
Recent Related News:
i.David Lammy MP, Secretary of State for Foreign, Commonwealth and Development Affairs, the United Kingdom (UK) paid an official visit to India from 24th to 25th July 2024 at the invitation of Union Minister Dr. S. Jaishankar, Ministry of External Affairs (MEA), Government of India (GoI). This marks his first official visit to India in his capacity as UK Foreign Secretary after Labour Party swept the UK’s General Elections held in July, 2024.
ii.Union Minister Dr. Subrahmanyam Jaishankar, Ministry of External Affairs (MEA) undertook an official visit to Maldives for 3 days from August 9 to 11, 2024, followed the recent visit of H. E. Dr. Mohamed Muizzu, the President of Maldives to India in June 2024, to strengthen India-Maldives relations and review ongoing projects.
About Uzbekistan:
Prime Minister– Abdulla Aripov
Capital– Tashkent
Currency– Uzbekistani Som
