Tashkent, Uzbekistan (UzDaily.com) -- On 17 February, within the framework of the visit of the government delegation of the Republic of Uzbekistan to Hungary, the 6th meeting of the Uzbek-Hungarian Intergovernmental Commission for Economic Cooperation (IGC) was held under the chairmanship of the Deputy Prime Minister - Minister of Investment and Foreign Trade Republic of Uzbekistan Sardor Umurzakov and Minister of Foreign Affairs and Trade of Hungary Peter Szijjarto.

The meeting was attended by heads of key ministries, departments, industry associations, as well as representatives of the administration of certain regions of the two countries.

During the meeting, issues of cooperation in investment, industrial, trade and economic, banking, financial, cultural and humanitarian spheres, as well as in the field of interregional cooperation were considered.

It was noted that despite the negative impact of the pandemic on the world economy, Uzbekistan and Hungary were able to intensify relations and maintain a high level of mutually beneficial partnership. In particular, in 2020, the volume of Uzbek-Hungarian trade turnover increased by more than 50% compared to the indicators of 2019. In this context, the role of the IGC was emphasized as an effective mechanism for promoting joint projects and initiatives, in connection with which, within the framework of the meeting, the parties came to an agreement on the implementation of practical measures to significantly increase the indicators of mutual trade, as well as to intensify the development of joint projects of industrial cooperation in such industries. such as agriculture, livestock, chemical, pharmaceutical and food industries, as well as the construction materials industry.

The parties welcomed the launch of a new platform for deepening economic partnership - the Uzbek-Hungarian Business Council, whose main task will be to expand cooperation between the business communities of the two countries and establish direct links between Uzbek and Hungarian entrepreneurs.

The success achieved in the banking and financial sector was also highly appreciated, bearing in mind the involvement of financial institutions in Hungary in the privatization of the banking system of Uzbekistan. It was agreed that within the framework of this initiative, seminars and master classes will also be organized to improve the qualifications of employees of Uzbek banks in areas such as trade and pre-export financing, risk management and compliance with banking requirements.

During the event, a number of bilateral documents were signed, in particular, an agreement on the establishment of the Uzbek-Hungarian Business Council between the Chambers of Commerce and Industry of the two countries, a Memorandum on the establishment of sister-city relations between the Tashkent and Peshten regions, a Memorandum of cooperation on the exchange of experience and the provision of mutually beneficial information support in the areas of alternative energy and infrastructure development between the Ministry of Innovative Development of the Republic of Uzbekistan and the Hungarian industrial cluster "ArchEnerg International Cluster" and other agreements in certain areas.

Following the meeting, the parties signed a final protocol reflecting the key agreements reached during the event and the main vectors for further deepening multifaceted cooperation between the two states.

At the end of the event, a press conference was held with the participation of the heads of delegations of the two countries, during which the most important points of the discussed agenda of bilateral cooperation were announced, as well as the mutual commitment of the parties to the timely and full-scale implementation of all the agreements reached.