Tashkent, Uzbekistan (UzDaily.com) - An Uzbek-Hungarian business forum was held at the International Business Center in Tashkent, in which representatives of more than 30 large Hungarian companies involved in the fields of ICT, construction, engineering, agriculture, food and light took part industry and others, as well as over 50 representatives of domestic companies, Dunyo reported.

The event discussed the prospects of cooperation in the investment and economic sphere, increasing trade between the two countries, creating favorable conditions for interaction between business circles of Uzbekistan and Hungary.

As part of the business forum, an agreement was signed between the Tashkent City Territorial Administration of the Chamber of Commerce and Industry and the Chamber of Commerce of Budapest on the development of mutual trade and economic relations and the implementation of joint projects in various sectors of the economy.

It should be noted that trade and economic relations between the two countries are developing dynamically. Thus, a cooperation agreement between the CCI of Uzbekistan and the CCI of Hungary was signed in Tashkent on 7 November 2011. Participation in the business forum of representatives of large Hungarian firms and companies indicates that economic stability and a favorable investment climate in our country increase the interest of business circles in Hungary to expand cooperation with Uzbekistan.

During the business forum, it was noted that the bulk of Uzbekistan’s exports to Hungary were services, petroleum products, fertilizers, cotton yarn, fruit and vegetable products, vehicles and their spare parts, and other goods. The import prerogative includes pharmaceutical products, mechanical and electrical equipment, and livestock products.

Currently, three enterprises are established in Uzbekistan, established with the participation of Hungarian investors, the representative offices of 4 Hungarian companies are accredited.

According to Hendrich Balazs, Executive Director of the Hungarian Export Development Agency, during his speech, the Hungarian side is ready to further expand mutual trade, implement investment projects, and create new joint ventures.

- We hope that today’s meeting will contribute to the further development of cooperation between the Hungarian and Uzbek business communities. We thank you for the favorable conditions for doing business in the country and the improvement of legislative acts. We hope that the number of Hungarian companies in Uzbekistan will increase. We are for the expansion and strengthening of trade and economic ties between our countries, the wider use of existing opportunities, he said.

At the end of the business forum, negotiations were held in the “B2B” format with the participation of representatives of companies and enterprises of Uzbekistan and Hungary.