Uzbekistan, Hungary to create joint business council

Business Materials 17 July 2020 15:37 (UTC +04:00)
Uzbekistan, Hungary to create joint business council

BAKU, Azerbaijan, July 17

By Ilkin Seyfaddini - Trend:

Chairman of the Chamber of Commerce and Industry (CCl) of Uzbekistan Adham Ikramov met with Minister of Foreign Affairs and Trade of Hungary Peter Szijjarto on July 16, 2020, Trend reports with reference to CCI.

During the talks, the sides exchanged views on the prospects of Uzbek-Hungarian relations in trade, economic, investment and other areas.

Peter Szijjártó said that 60 percent of Hungarian exports to Uzbekistan are pharmaceutical products.

“Biggest among the Hungarian pharmaceutical companies in Uzbekistan is Gedeon Richter Ltd, which in 2021 will mark 125th anniversary of its founding and 25th anniversary of its successful presence in the Uzbek market. The commodity turnover has already reached $20 million,” the message said.

The parties discussed the prospects for implementation of projects in energy sector, food industry and agriculture including poultry and fish farming, where Hungary has a positive experience.

The sides also discussed the issue of deepening interdepartmental cooperation with the Hungarian Chamber of Agriculture, as well as opening of a $95-million credit line by Hungary's Eximbank to Uzbekistan.

The chairman of Uzbekistan Chamber of Commerce and Industry expressed interest in establishing cooperation in many sectors, including training of personnel in trade sphere.

Following the meeting, sides reached an agreement on setting up an Uzbek-Hungarian Business Council in November 2021.

Earlier, a meeting of representatives of CCI and the Hungarian Chamber of Agriculture was scheduled for April 2020 in Budapest, but in connection with the pandemic, the event was postponed for an indefinite period.


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