Uzbekistan, Hungary strengthen bilateral economic cooperation

Business Materials 12 September 2013 19:26 (UTC +04:00)

Uzbekistan, Tashkent, September 12 /Trend D.Azizov/

The issues of increase and diversification of bilateral trade structure were discussed on Thursday by representatives of Uzbekistan and Hungary at the first session of the Uzbek-Hungarian Intergovernmental Commission on Economic Cooperation.

The meeting of the intergovernmental commission and Uzbek-Hungarian business forum were held in Tashkent in the framework of the visit of the delegation of business circles of Hungary, led by Hungarian State Secretary on Foreign Affairs and Foreign Economic relations Peter Siyarto.

During the meeting, Hungarian guests were introduced to the investment potential of Uzbekistan and the possibilities of investment cooperation, including in the framework of FIEZ Navoi and PPE Angren.

Diplomatic relations between Uzbekistan and Hungary established in March 1992. The two countries signed a number of intergovernmental agreements, including an agreement on economic cooperation, mutual protection and encouragement of investments, on international road transport of passengers and cargo. In April 2008, the two governments signed a Convention for the avoidance of double taxation and prevention of tax evasion on income and capital.

According to the agreement on "Partnership and Cooperation between the Republic of Uzbekistan and the European Union," preferential treatment was established between the two countries.

The trade turnover between Uzbekistan and Hungary in 2012 amounted to $46.8 million. In January-June 2013, the figure reached $21.8 million, which, according to the participants of the meeting of the intergovernmental commission, does not meet the existing potential of trade and economic cooperation between the two countries.

Four companies established with the participation of investors from Hungary, operate inUzbekistan, including three joint ventures and one company with wholly owned Hungarian capital. Representations of the four Hungarian companies, including JSC Gedeon Richter, ENIKO Kft., Ltd. Horus Intertrade & Consulting, EGIS JSC.