Hungarian companies are getting stronger in this Central Asian country

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, the finance minister said at the Tashkent International Investment Forum.

Hungarian companies strong in Uzbekistan

The ministry on Thursday cited Mihály Varga as saying that “Uzbekistan is our strategic partner in the central Asian region, and we are going to develop closer economic ties in the coming years”.

Hungarian companies’ exports to Uzbekistan increased by 12 percent last year, exceeding 90 million dollars, with strong demand for pharmaceutical products, as well as vehicles manufactured in Hungary, the minister said.

Hungarian companies in the banking sector are getting stronger thanks to the increasing share of OTP, and significant agriculture investments have been implemented under Hungarian-Uzbek cooperation, he said. Demand has been strong for the knowledge of Hungarian companies and engineers in water management, he added.

The first innovation and science park in Uzbekistan is being developed with the participation of Budapest’s Óbuda University, said Varga.

The Turkic Council and the Hungarian-Uzbek Business Council have special significance in the unprecedented intensive economic cooperation between Hungary and Uzbekistan, he added.

During his visit, Varga is scheduled to hold talks with Deputy Prime Minister and Minister of Investments and Foreign Trade Jamshid Khodjaev, Minister of Investment, Industry and Trade Laziz Kudratov, and Minister of Economy and Finance Jamshid Kuchkarov.

National economy minister meets chairman of Oman Shura Council

Márton Nagy, the national economy minister, held talks with Sheikh Khalid bin Hilal Al Maawali, Chairman of the Shura Council, the lower house of Oman’s parliament, and his delegation in Budapest on Thursday, his ministry said.

They reviewed bilateral economic ties with a focus on investment opportunities for Hungarian agricultural companies, primarily in the dairy sector, in Oman, the ministry said in a statement.

Hungary, as an export-driven country, seeks to build cooperation with other countries based on mutual respect, the ministry said, noting that Hungary’s trade with Oman has increased more than 1.5-fold since 2010.

The sides were in agreement on the need to boost cooperation in the economic and education sectors, said the ministry. It was also agreed at the meeting that the two countries would need to build cooperation in the energy sector with a possible role for Hungarian oil and gas company Mol.

They also agreed that launching direct flights between Hungary and Oman could boost air transport between the two countries.

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