Uzbekistan – Hungary: new horizons of multifaceted cooperation

On February 9 this year, the Minister of Investment, Industry and Trade Laziz Kudratov met with the Minister of Foreign Affairs and Foreign Economic Relations of Hungary Peter Szijjarto, who is in Uzbekistan on a working visit, the press service of the MIIT reported.

During the conversation, positive dynamics in the development of multifaceted Uzbek-Hungarian relations in recent years was noted. At the same time, the parties noted the existence of all opportunities for expanding cooperation and expressed their readiness to maintain intensive contacts at all levels in order to further increase the scale of the strategic partnership between the two countries.

The significant potential for the development of investment interaction and industrial cooperation was emphasized. Today, 16 joint ventures with the participation of Hungarian capital have been created in Uzbekistan. Investment projects are being developed with such leading Hungarian companies as Bonafarm, KITE, Meditop, Gedeon Richter, MOL Group and others in the energy, agriculture, pharmaceuticals, medical equipment and plastics industries. The parties agreed to take measures to create a separate industrial zone for Hungarian companies in Uzbekistan together with the National Agency for the Development of Industrial Parks under the Hungarian Foreign Ministry.

During the talks, the prospects for establishing direct flights between the capitals of the two countries up to four flights a week were considered.

The successful entry of the Hungarian OTP Bank to the market of Uzbekistan was highly appreciated. The Bank’s interest in expanding activities in Uzbekistan by attracting new companies and financing joint projects was indicated.

Following the meeting, the parties expressed their mutual desire to further develop multifaceted cooperation and agreed to hold the 8th meeting of the Uzbek-Hungarian Intergovernmental Commission on Economic Cooperation and a business forum in the first half of this year in Budapest.