The Indian company, Synthite Industries Ltd, plans to implement a project for the cultivation and processing of pepper in Uzbekistan.
Negotiations were held between the leadership of the Indian company and the Deputy Chairman of the State Committee for Investments, Shamil Burnashev, on December 19.
Pepper is selected as an experimental crop for this initiative. Agreements on this were concluded in the framework of the official visit of the President of Uzbekistan to India. The total investment in the project is estimated at around $4 million.
Synthite Industries Ltd is India’s largest producer and exporter of spices and essential oils. The company has more than forty years of experience on the world market, and the range of products consists of 500 items focused on herbal ingredients for flavor and aroma solutions. The company’s turnover in 2017 amounted to more than $250 million.
The company’s products are widely used in the food industry for bakery and confectionery products, dairy products, pickles, various types of oils, sauces and ketchups.
“During the visit, the company representatives met with the leadership of Khokimiyats of Samarkand, Khorezm and Tashkent regions, where they were shown land for growing and processing agricultural crops. Previously, these regions were chosen as the sites for the project,” the State Investment Agency noted.
During negotiations with Shamil Burnashev, the head of the delegation of Synthite Industries Ltd stressed that by the beginning of 2019 they planned to have completed marketing research, and within a year begin to grow the first experimental samples.
At the end of the meeting, preliminary dates for the next visit of the delegation of Synthite Industries Ltd to discuss the next stage of the investment project were considered.
Diplomatic relations between Uzbekistan and India were established on March 18, 1992.
Total trade turnover between two countries was $323.6 million, with $291 million bring imports from India and $32.6 million exports to India.
Uzbekistan exports to India beans, balsams, raw silk, earth metals, fertilizers and other goods. The main products imported from India are medicines, ferrous metals, various technological equipment, and spare parts for cars.
According to Uzbek Ministry of Foreign Economic Relations, Investment and Trade, 113 companies created with participation of Indian capital are working in Uzbekistan, out of which 19 companies are with 100% investment. (AzerNews/Business World Magazine)
