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Uzbekistan and Hungary discussed prospects of boosting investment and industrial cooperation.

The matter was discussed between Uzbekistan’s Minister of Investment, Industry, and Trade Laziz Kudratov, and Minister of Foreign Affairs and Foreign Economic Relations of Hungary Péter Szijjártó.

During the meeting, the parties emphasized the positive dynamics of multifaceted Uzbek-Hungarian cooperation in recent years. Cooperation in the banking sector, in particular, the entrance of Hungarian OTP Bank to Uzbekistan’s market was highlighted. Hungary expressed interest in expanding the activities of the bank in Uzbekistan by attracting new companies and new joint financing projects.

The sides also expressed willingness to maintain intensive contacts at all levels to further increase the scope of the strategic partnership, as well as considered the prospects of increasing direct flights between the capitals of the two countries by up to four flights a week.

The sides agreed to take measures to create an industrial zone for Hungarian companies in Uzbekistan together with the National Agency for the Development of Industrial Parks under the Ministry of Foreign Affairs of Hungary and to hold, in the first half of this year in Budapest, the eighth meeting of the Uzbek-Hungarian Intergovernmental Commission on Economic Cooperation and a business forum.

To date, some 16 joint ventures with the participation of Hungarian capital are operating in Uzbekistan. Uzbekistan is also developing investment projects with leading Hungarian companies such as Bonafarm, KITE, Meditop, Gedeon Richter, MOL Group, and others in energy, agriculture, pharmaceuticals, and production of medical equipment, and plastic products.

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