Tashkent, Uzbekistan (UzDaily.com) -- On 3 April, Laziz Kudratov, Minister of Investment, Industry and Trade, held negotiations with Márton Nagy, Minister of Economic Development of Hungary, via a videoconference. During the conversation, topical issues of and further measures for the development of trade, economic and investment cooperation between the two countries were discussed.

The positive dynamics in the development of multifaceted Uzbek-Hungarian relations in recent years was noted along with the readiness to maintain intensive contacts at all levels to further increase the scale of strategic partnership.

The next steps to strengthen investment cooperation were considered. The issue of creating a Special Investment Fund with an authorized capital of 50 million euros was agreed, in which the National Capital Holding under the Ministry of Economic Development will act as the founder from the Hungarian side. The newly created Fund will finance selected projects of Hungarian companies in Uzbekistan.

The course of implementation of joint projects was discussed. The Hungarian side confirmed the intentions of Bonapharm to create a poultry cluster in the Tashkent region. Work is underway to organize a licorice processing complex in the Republic of Karakalpakstan with Hagyo and Polus companies together with Uzbek partners. Projects are under implementation for the production of innovative medicines with Meditop Pharmaceutical as well as the production of automotive components with Raba Automotive Holding and Joyson Safety Systems. The parties agreed to take joint measures to support the initiators in the successful implementation of each project.

The upcoming plans for holding bilateral events were discussed. In particular, holding the next meeting of the Uzbek-Hungarian Intergovernmental Commission in Budapest on 22-23 May 2023 was agreed.

Following the meeting, the parties expressed firm mutual commitment to further strengthening multifaceted cooperation. In connection with this, a format of systematic interaction was developed to promote the implementation of joint initiatives, as well as the development of new areas of bilateral partnership.