The 9th meeting of the Uzbek-Hungarian Intergovernmental Commission on Economic Cooperation was held in Tashkent

On May 7 of this year, the 9th meeting of the Uzbek-Hungarian Intergovernmental Commission on Economic Cooperation was held in Tashkent, which was attended by heads of ministries, departments, industry associations, commercial banks and educational institutions, as well as diplomatic missions of the two countries. This was reported by the PR center of MIIT.

The meeting was co-chaired by the Minister of Investment, Industry and Trade of the Republic of Uzbekistan Laziz Kudratov and the Minister of Foreign Affairs and Trade of Hungary Peter Szijjarto.

During the meeting, issues of further development of cooperation in the investment, industrial, trade and economic, banking and financial, cultural and humanitarian spheres were discussed and agreed upon.

In their speeches, the heads of the delegations of the two countries noted the regular and systematic nature of bilateral interdepartmental contacts at the level of leaders and experts, as well as the strong commitment of the two states to the progressive expansion of mutually beneficial cooperation in areas of common interest. The ongoing systematic work to create all the necessary conditions for increasing trade volumes, implementing joint mechanisms for financing investment projects, achieving significant progress in agriculture and other mutually beneficial areas was emphasized.

It was announced that over the past 5 years, the volume of Uzbek-Hungarian trade turnover has increased 2 times, and in the first quarter of 2024 – 6 times compared to the same period in 2023. At the same time, in order to utilize all available resources to increase trade, the importance of launching “Meet Uzbekistan” programs to promote advanced Uzbek products aimed at the European market in large retail chains in Budapest, such as Spar, Tesco, Lidl, Aldi, was emphasized. In addition, the relevance of developing proposals for replacing expensive imports from third countries and organizing a Road Show for Uzbek manufacturers in the largest cities of Hungary was noted.

The importance of diversifying transport routes, liberalizing permits for bilateral and transit transportation, resuming direct flights between Tashkent and Budapest, and organizing a logistics hub for Uzbek products in Hungary were emphasized.

Particular attention is paid to investment cooperation projects. Hungarian OTP Group, Joyson Safety Systems, Bonafarm are successfully implementing projects worth almost $500 million in Uzbekistan. Active work is underway to create a special economic zone for Hungarian companies and an office for the Central Asian Direct Investment Fund. Plans have been outlined for the implementation of joint investment projects with comfortable conditions in sectors such as the chemical industry, pharmaceuticals, agribusiness, real estate construction and fish farming.

The prospects for intensifying interregional cooperation were also considered. Along with the already established relations between the Surkhandarya region and the Hungarian Csongrád-Csanad, Jizzakh region and Dör-Moson-Sopron, it is proposed to expand such cooperation between the Andijan, Namangan and Fergana regions with the Hungarian Hajdu-Bihar.

The parties also discussed current issues of cooperation in the field of tourism. In particular, it was proposed to adopt a joint Cooperation Program for 2024-2030.

Hungary’s contribution to the development of education and science is highly appreciated. The Hungarian side expressed gratitude for the provision of the state scholarship “Stipendium Hungaricum”, thanks to which about 300 Uzbek students study at Hungarian universities.

Following the meeting, a Memorandum on further cooperation in the field of education and a final protocol were signed, reflecting all the agreements reached, as well as agreed projects and initiatives.