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Uzbekistan entering new phase of cooperation with Hungary

7 March 2019 16:28 (UTC+04:00)
Uzbekistan entering new phase of cooperation with Hungary

By Abdul Kerimkhanov

A meeting of the Uzbek-Hungarian Intergovernmental Commission on Economic Cooperation was held in Budapest on March 6.

During the meeting, the parties came to an understanding of the scale 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 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.

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 tightly targeted negotiations on projects being worked out, it was possible to increase the total amount of joint initiatives by almost 1.5 times,

This 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, the parties signed a number of agreements on the implementation of the projects in the field of agriculture, animal husbandry, pharmaceuticals, winemaking, and reached specific agreements 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.

Diplomatic relations between Uzbekistan and Hungary were established on March 3, 1992.

The countries signed a number of intergovernmental documents, including an agreement on economic cooperation, mutual protection and promotion of investment, international road transport of passengers and goods.

An official opening ceremony of the Hungarian Embassy in Tashkent took place on June 27, 2017.


Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94

Follow us on Twitter @AzerNewsAz

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