TASHKENT, Uzbekistan, May 20. President Shavkat Mirziyoyev and Hungarian Prime Minister Viktor Orbán are charting a path to an expanded strategic partnership, increasing mutual trade to 500 million euros through import substitution and GSP+ preferential conditions, Trend reports, citing the Uzbek President’s Office.
This was declared at a meeting at the Carmelita Palace, during which the sides discussed further steps to deepen the strategic partnership and expand the multifaceted cooperation between Uzbekistan and Hungary.
The leaders acknowledged the steady progress in practical cooperation across all key areas, including enhanced contacts between the parliaments, governmental structures, sectoral ministries, and regions of the two countries. Cooperation within international platforms such as the United Nations and the Organization of Turkic States has also been effectively strengthened.
Currently, the total portfolio of joint investment projects exceeds $500 million, with initiatives and projects valued at over 1.5 billion euros outlined following the current visit.
The opening of the Hungarian OTP bank’s branch in Uzbekistan was particularly noted as a crucial step for European business in the region. Both sides have reached agreements to deepen their cooperation, including the establishment of a joint venture to develop car loans and a program to support entrepreneurship. Additionally, a poultry farming cluster project is actively underway in the Syrdarya region.
During a morning meeting with business representatives, the leaders discussed new projects in various sectors such as transportation infrastructure modernization, road construction, logistics centers, development of utility networks, textile production, building materials, chemicals and pharmaceuticals, digital technologies, and aquaculture.
A special industrial zone in Uzbekistan is also planned under the management of the Hungarian operator Inpark, targeting European investment companies.
Both sides have agreed to prepare and adopt an Investment Partnership Program, which is to be approved during the next intergovernmental commission meeting in July in Budapest. Additionally, a proposal was made to revive the Uzbekistan-Hungary Business Council and hold its next meeting with broad participation from the business communities of both countries.
The successful outcomes of the first Regional Forum, held last October in Kokand, were highly praised. Both sides reached an agreement to carefully prepare for the second Forum, which will take place in Hungary, aimed at further expanding interregional ties.
In conclusion, President Shavkat Mirziyoyev invited Prime Minister Viktor Orban to pay a reciprocal visit to Uzbekistan.