Uzbekistan-Hungary: First meeting of the Business Council

Within the framework of the visit of the delegation of the Hungarian government to our country, the first meeting of the Uzbek-Hungarian Business Forum and the Business Council was held in Tashkent on March 29

The main topic of the event was the strengthening of business ties as a key factor in the further development of investment, trade and economic cooperation between the two countries. The conference was attended by Deputy Prime Minister of the Republic of Uzbekistan - Minister of Investments and Foreign Trade Sardor Umurzakov, Minister of Foreign Affairs of Hungary, Minister of Communications and Foreign Affairs Peter Siyarto, co-chairs of the Uzbek-Hungarian Business Council, representatives of relevant ministries and departments and economic entities of the two countries

As the Deputy Prime Minister of our country noted, in recent years, trade and economic relations between our countries have been rapidly developing At the end of 2020, bilateral trade amounted to $ 109.3 million. The growth rate for this indicator was 53.9% compared to the same period last year. Currently, there are 10 enterprises with Hungarian participation in the country.

In particular, 4 companies operate on 100% foreign capital. This forum will open the way for fruitful work of the business community of the two countries and will provide an opportunity for future high results.

Siyarto, in turn, noted the positive growth rates of Uzbek-Hungarian relations. The leaders of the two countries stressed that they are paying special attention to the gradual expansion of economic partnership. At the same time, he urged businessmen to be more active. It should be noted that the activity of the Chambers of Commerce and Industry plays an important role in the development of trade and economic cooperation between the two countries. At the same time, it was noted that it is necessary to consistently continue work on

establishing interregional cooperation, improving industrial cooperation, creating favorable conditions for the exchange of goods and services Hungarian companies were informed about the measures taken to ensure the openness and attractiveness of Uzbekistan for foreign investors, create a transparent business environment, fight corruption, improve the investment climate and gradually reduce the role of the state in the economy.

Representatives of the ministries of finance and agriculture of Uzbekistan, OTP Bank of Hungary and the Export-Import Bank of Hungary made presentations on their activities. During the forum, entrepreneurs working in various fields presented their products and services to partners and exchanged views on partnership priorities. This open dialogue, which made it possible to create a unique and effective format of cooperation between the business circles of Uzbekistan and Hungary, helped the participants clearly identify mutually beneficial areas, including promising projects and agreements.

Following the results of the business forum, a number of bilateral agreements, treaties and agreements were signed, including on the implementation of trade and investment projects in various fields, expanding cooperation in various fields.

Source: UzA

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