The official visit of President Shavkat Mirziyoyev to Hungary began with a high-level business forum in Budapest, where he met with executives of Hungary’s leading companies and banks. The president outlined a new agenda to strengthen economic ties and deepen industrial cooperation between Uzbekistan and Hungary.
Among the participants were top managers and founders of OTP Bank, BDPST Group, 4iG, Indotek, MVM, Duna Group, MOL Group, H2O Consortium, Inpark, Wizz Air, and several others. In his address, President Mirziyoyev highlighted the symbolic significance of beginning the visit with a meeting focused on economic collaboration.
The Uzbek leader noted the rapid growth of Hungarian investment in Uzbekistan, pointing to OTP Bank’s acquisition of one of the country’s largest financial institutions as a major step forward. He welcomed the bank’s upcoming plans to launch a joint venture in auto lending, introduce a business financing program, and develop a poultry production cluster.
To further support European investment, President Mirziyoyev pointed out the special industrial zone currently being established in the Tashkent region. This zone, aimed at facilitating industrial cooperation and technology transfer, will be managed by Hungary’s Inpark.
The president identified key priorities for expanding the partnership, including co-financing joint ventures, promoting exports to third-country markets, and improving transport connectivity. He stressed the need for increased freight traffic and the development of direct air links between Uzbekistan and Hungary.
Head of the state also praised the growing interest of Hungarian businesses in Uzbekistan’s market and welcomed proposals in sectors such as infrastructure modernization, logistics, utilities, building materials, textiles, chemicals, and pharmaceuticals.
Agreements were reached on launching new collaborative projects, and a formal ceremony was held to exchange documents for priority investments in the presence of the Uzbek leader.
“We will create all conditions for the development of strong ties between the business circles of our countries,” President Mirziyoyev said, proposing to hold such meetings on a regular basis to sustain momentum in bilateral economic cooperation.
Since the introduction of Hungary’s Eastern Opening policy, trade with Uzbekistan has increased fourfold over 13 years. Notably, two-thirds of this growth happened after 2018, when bilateral cooperation deepened within the Organization of Turkic States (OTS). Between 2018 and 2023, trade volume tripled, highlighting the effectiveness of strategic collaboration. Uzbekistan’s expanding consumer market and favorable business environment continue to attract Hungarian companies.
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