Uzbekistan and Hungary have solidified their bilateral relations through a series of agreements aimed at fostering economic cooperation and connectivity, as per to a report by the Hungarian business newspaper Világgazdaság, referencing a joint press conference held by the ministers of both nations on August 19.
Joint investment fund
Uzbekistan and Hungary have come together to create a joint investment fund amounting to $100 mn. This initiative, aimed at facilitating mutual investment ventures, reflects both countries' commitment to enhancing economic ties. The fund is poised to provide a platform for collaborative projects that can drive growth and innovation in various sectors.
Minister of Foreign Affairs and Foreign Trade of Hungary, Peter Szijarto, announced the commencement of direct flights between Budapest and Tashkent, signifying a significant step towards improved connectivity. Uzbek Qanot Sharq will operate the flights, and the frequency is set to increase over time. This development is poised to bolster tourism, trade, and people-to-people interactions between the two nations.
Nuclear cooperation and technological exchange
The agreement reached between Uzbekistan and Hungary extends to nuclear cooperation, notably the potential use of Hungarian dry-cooling technology at a planned nuclear power plant in Uzbekistan. This collaboration, involving Russian, Uzbek, and Hungarian stakeholders, underscores the multi-faceted nature of the partnership and its potential impact on energy infrastructure. The value of this cooperation is estimated to be in the hundreds of millions of euros, showcasing the scale of commitment involved.
Expanding business opportunities
Hungary's efforts to increase its diplomatic representation in Uzbekistan demonstrate a commitment to nurturing bilateral relations. Hungary has expedited visa issuance to Uzbeks and is actively encouraging investment. The Hungarian pharmaceutical company Richter's interest in establishing production facilities in Uzbekistan, along with Meditop's establishment of an office, underscores Hungary's eagerness to engage in the Uzbek market.
Industrial zone
A special industrial zone near Tashkent, slated to open by year-end, is poised to become a hub for Hungarian companies. This infrastructure initiative aligns with Uzbekistan's broader economic diversification goals and has already attracted interest from several Hungarian firms. The prospect of utilizing this zone for investment and trade highlights the long-term vision of this bilateral partnership.
Earlier Daryo reported about the meeting between President Shavkat Mirziyoyev and Prime Minister Viktor Orban in Budapest serves to fortify the Uzbek-Hungarian relations, encompassing trade, cultural exchange, and regional cooperation.
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