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Uzbekistan – Hungary: new horizons of multifaceted cooperation

On February 9 this year, Minister of Investment, Industry and Trade Laziz Kudratov held a meeting with Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó, who is in Uzbekistan on a working visit.

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

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

During the negotiations, the prospects for establishing direct flights between the capitals of the two countries with up to four weekly flights were discussed.

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

Following the meeting, the parties expressed mutual desire for further development of 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.