Tashkent, Uzbekistan (UzDaily.com) -- On 7 May, the 9th meeting of the Uzbek-Hungarian Intergovernmental Commission on Economic Cooperation was held in Tashkent, which was attended by heads of ministries, departments, industry associations, commercial banks and educational institutions, as well as diplomatic missions of the two countries.

The meeting was co-chaired by the Minister of Investment, Industry and Trade of the Republic of Uzbekistan Laziz Kudratov and the Minister of Foreign Affairs and Trade of Hungary Peter Szijjarto.

During the meeting, issues of further development of cooperation in the investment, industrial, trade and economic, banking and financial, cultural and humanitarian spheres were discussed and agreed upon.

In their speeches, the heads of the delegations of the two countries noted the regular and systematic nature of bilateral interdepartmental contacts at the level of leaders and experts, as well as the strong commitment of the two states to the progressive expansion of mutually beneficial cooperation in areas of common interest. The ongoing systematic work to create all the necessary conditions for increasing trade volumes, implementing joint mechanisms for financing investment projects, achieving significant progress in agriculture and other mutually beneficial areas was emphasized.

It was announced that over the past 5 years, the volume of Uzbek-Hungarian trade turnover has increased 2 times, and in the first quarter of 2024 - 6 times compared to the same period in 2023. At the same time, in order to utilize all available resources to increase trade, the importance of launching “Meet Uzbekistan” programs to promote advanced Uzbek products aimed at the European market in large retail chains in Budapest, such as Spar, Tesco, Lidl, Aldi, was emphasized. In addition, the relevance of developing proposals for replacing expensive imports from third countries and organizing a Road Show for Uzbek manufacturers in the largest cities of Hungary was noted.

The importance of diversifying transport routes, liberalizing permits for bilateral and transit transportation, resuming direct flights between Tashkent and Budapest, and organizing a logistics hub for Uzbek products in Hungary were emphasized.

Particular attention was paid to investment cooperation projects. Hungarian OTP Group, Joyson Safety Systems, Bonafarm are successfully implementing projects worth almost US$500 million in Uzbekistan. Active work is underway to create a special economic zone for Hungarian companies and an office for the Central Asian Direct Investment Fund. Plans have been outlined for the implementation of joint investment projects with comfortable conditions in sectors such as the chemical industry, pharmaceuticals, agribusiness, real estate construction and fish farming.

The prospects for intensifying interregional cooperation were also considered. Along with the already established relations between Surkhandarya region and the Hungarian Csongrád-Csanad, Jizzakh region and Dör-Moson-Sopron, it is proposed to expand such cooperation between the Andijan, Namangan and Fergana regions with the Hungarian Hajdu-Bihar.

The parties also discussed current issues of cooperation in the field of tourism. In particular, it was proposed to adopt a joint Cooperation Program for 2024-2030.

Hungary’s contribution to the development of education and science is highly appreciated. The Hungarian side expressed gratitude for the provision of the state scholarship “Stipendium Hungaricum”, thanks to which about 300 Uzbek students study at Hungarian universities.

Following the meeting, a Memorandum on further cooperation in the field of education and a final protocol were signed, reflecting all the agreements reached, as well as agreed projects and initiatives.

As part of the 9th meeting of the Uzbek-Hungarian Intergovernmental Commission on Economic Cooperation taking place in Tashkent, the Uzbek-Hungarian Business Forum was held.

The event was attended by more than 200 representatives of the business community, heads of ministries and departments, and experts to discuss current issues of current cooperation and identify new promising areas for implementing joint projects and expanding trade ties.

The opening ceremony was attended by the Minister of Investment, Industry and Trade of the Republic of Uzbekistan Laziz Kudratov and the Minister of Foreign Affairs and Trade of Hungary Peter Szijjarto. The parties emphasized their firm commitment to strengthening long-term partnerships and comprehensive support for the business communities of the two countries.

During the Forum, a presentation of investment projects took place, and 137 meetings were organized in B2B and G2B formats, during which participants established strong connections to develop projects for new joint ventures and conclude mutually beneficial trade agreements.

As a result of the forum, a number of bilateral documents, investment agreements and export contracts were signed.

Today, a solid package of investment projects and trade contracts is being implemented with the Hungarian side in the banking and financial sector, agriculture, transport and logistics, mechanical engineering, pharmaceuticals, water management and other industries.