Finance Minister Mihály Varga said an increasing number of Hungarian businesses are successfully entering the market in Uzbekistan, with the presence of Hungarian companies getting stronger in that country’s banking sector, in food industry and the pharmaceuticals industry.
Speaking at the Tashkent International Investment Forum, Minister Varga said: “Uzbekistan is our strategic partner in the Central Asian region, and we are going to develop closer economic ties in the coming years.” Hungarian exports to Uzbekistan increased by 12% last year, exceeding 90 million dollars, with strong demand for pharmaceutical products, as well as vehicles manufactured in Hungary, the minister said. Hungarian presence in the banking sector is getting stronger thanks to the increasing share of OTP bank, and significant agriculture investments have been implemented under Hungarian-Uzbek cooperation, he said. Demand has been strong for the knowledge of Hungarian engineers in water management, the minister added. The first innovation and science park in Uzbekistan is being developed with the participation of Budapest’s Óbuda University, he said. The Turkic Council and the Hungarian-Uzbek Business Council have special significance in the unprecedented intensive economic cooperation between Hungary and Uzbekistan, the minister said.