Finance Minister Mihaly Varga – Photo: Facebook

Hungary to further increase investments in Uzbekistan

An increasing number of Hungarian businesses are successfully entering the market in Uzbekistan, with the presence of Hungarian companies getting stronger in that country's banking sector, in food industry and the pharmaceuticals industry, the finance minister said at the Tashkent International Investment Forum.

The ministry on Thursday cited Mihaly Varga as saying that “Uzbekistan is our strategic partner in the central Asian region, and we are going to develop closer economic ties in the coming years”.

Hungarian exports to Uzbekistan increased by 12 percent last year, exceeding 90 million dollars, with strong demand for pharmaceutical products, as well as vehicles manufactured in Hungary, the minister said.

Hungarian presence in the banking sector is getting stronger thanks to the increasing share of OTP, and significant agriculture investments have been implemented under Hungarian-Uzbek cooperation, he said. Demand has been strong for the knowledge of Hungarian engineers in water management, he added.

The first innovation and science park in Uzbekistan is being developed with the participation of Budapest’s Obuda University, said Varga.

The Turkic Council and the Hungarian-Uzbek Business Council have special significance in the unprecedented intensive economic cooperation between Hungary and Uzbekistan, he added.

During his visit, Varga is scheduled to hold talks with Deputy Prime Minister and Minister of Investments and Foreign Trade Jamshid Khodjaev, Minister of Investment, Industry and Trade Laziz Kudratov, and Minister of Economy and Finance Jamshid Kuchkarov.

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