Hungary announces record-breaking trade surge with Uzbekistan and massive new deals
The Hungarian-Uzbek Joint Economic Commission met in Budapest on Thursday.
At a press conference after the meeting, Minister of Foreign Affairs and Trade Péter Szijjártó said bilateral cooperation had “entered a new dimension” with the extension to the area of energy.
In a statement issued by his ministry, he highlighted two agreements reached between Hungary and Uzbekistan, one on the adoption of MVM’s dry cooling technology at Uzbekistan’s first nuclear power plant, and another with Hungarian oil and gas company MOL on upstream activities in Uzbekistan.
He added that a commercial contract on the dry cooling technology could be signed by year-end, while talks with MOL were at an “advanced stage”. Szijjártó said Hungarian exports to the Central Asian country had reached a new record in 2024 and showed “significant growth” in 2025, too.
OTP Bank, Hungary’s biggest commercial lender, has become an important player on the Uzbek banking market, paving the way for Hungarian companies to do business there, while an industrial park mainly for investments by Hungarian companies is being established on the outskirts of Tashkent, he added.
Preparations are underway for the construction of a HUF 60bn Hungarian poultry plant and a pharmaceutical manufacturing investment, he said. Hungarian fish farming technology is also being adapted to local needs in Uzbekistan, he added.
Read more news about Uzbekistan-Hungary relations on Daily News Hungary!
Read also: