Tashkent, Uzbekistan (UzDaily.com) -- On 16 July 2020, a meeting was held between the Chairman of the Chamber of Commerce and Industry of Uzbekistan Adham Ikramov and the Minister of Foreign Affairs and Trade of Hungary Peter Szijjarto.

During the talks, an exchange of views took place on the prospects of Uzbek-Hungarian relations in trade, economic, investment and other spheres.

During the event, Peter Szijjarto noted that despite the coronavirus pandemic, there is an increase in the activity of trade and economic cooperation between Hungary and Uzbekistan. It is important to note that the dynamics of growth in trade turnover remains an important factor. He also said that 60% of exports to Uzbekistan are pharmaceutical products. In this regard, he expressed deep gratitude to Uzbekistan for including Hungary in the list of countries whose pharmaceutical products undergo a simplified procedure for entering the domestic market.

In particular, this applies to Gedeon Richter, which in 2021 will celebrate the 125th anniversary of its foundation and the 25th anniversary of its successful presence in the Uzbek market. The turnover has already reached US$20 million.

It is worth noting that, along with this, there are also certain prospects in the implementation of projects in the field of agriculture (poultry farming, fish farming, where the Hungarian side has positively gained experience), food industry, and energy.

During the negotiations, the issue of deepening interdepartmental cooperation with the Agrarian Chamber of Hungary was also discussed, as well as the opening of a preferential credit line by Eximbank for US$95 million, which can be used to:

enhancing business cooperation;

building up export-import operations;

opening joint ventures, including in third countries.

At the meeting, Peter Szijjarto noted the special role of the Uzbek side in the planned meeting of the Chambers of Commerce and Industry within the framework of the Cooperation Council of the Turkic-speaking States in Budapest.

Earlier the event was scheduled for April 2020 in Budapest, but due to the pandemic it was postponed indefinitely.

In turn, the Chairman of the CCI of Uzbekistan Adham Ikramov expressed interest in establishing cooperation in all the discussed areas, including training in the trade sphere.

As a result of the meetings, an agreement was reached to sign an Agreement on the establishment of the Uzbek-Hungarian Business Council in November this year.