Uzbekistan is entering a new phase of cooperation with Hungary

Tashkent, Uzbekistan (UzDaily.com) - On 6 March, a meeting of the Uzbek-Hungarian Intergovernmental Commission on Economic Cooperation was held in Budapest, during which the parties reached an understanding on the extent of the potential for further cooperation between the two countries in a number of priority areas.

Opening the meeting, the Deputy Secretary of State for Trade and Economic Cooperation highly appreciated the ongoing large-scale reforms in the Republic of Uzbekistan to improve economic conditions and the business climate, noting their practical results, which was also supported by other members of the Hungarian delegation. 

It was repeatedly noted that the Hungarian business community sees great opportunities for interaction, in connection with which the parties discussed in detail the current state and prospects for expanding cooperation in attracting investment and technology of Hungary to priority sectors, and also agreed to take the necessary concerted measures to increase the volume and diversification of the range of commodity turnover.

It was especially noted that only as a result of two days of tight targeted negotiations on projects being worked out, it was possible to increase the total amount of joint initiatives by almost 1.5 times, which indicates the need to develop communication between the business circles of the two countries and push the direct dialogue of entrepreneurs and heads of relevant ministries and departments to expedite issues.

Following the results of the Intergovernmental Commission, a number of agreements were signed on the implementation of projects in the field of agriculture, animal husbandry, pharmaceuticals, winemaking, and specific agreements were reached on cooperation in the banking sector.

In the near future, the parties will also take steps to create an Uzbek-Hungarian trading house in the city of Budapest to further intensify trade, economic and investment cooperation between entrepreneurs of both countries.