TASHKENT: Uzbekistan and Hungary have agreed to set up a special industrial zone near Tashkent, offering preferential regulations tailored for Hungarian investors.
The announcement was made by Peter Szjjarto, the Hungarian Minister of Foreign Affairs and Trade, after a meeting of the Hungarian-Uzbek Mixed Inter-governmental Economic Cooperation Committee in Budapest on Thursday.
The establishment of the special economic zone aims to further strengthen cooperation between Hungary and Uzbekistan. Szijjarto, during a joint press conference with Laziz Kudratov, Uzbekistan’s Minister of Investment, Industry, and Trade, emphasized the importance of the strategic partnership between the two countries. An agreement on the project was signed during the meeting.
The special industrial zone will facilitate bilateral cooperation, with Hungarian companies preparing to enter the Uzbek market with projects in pharmaceuticals, agriculture, and food industries. To support their investments in Central Asia, a capital fund will soon be set up. Additionally, OTP Bank, Hungary’s largest commercial lender, has become a significant investor in Uzbekistan’s banking sector, acquiring a 73 percent stake in one of the country’s major banks.
Nuclear Cooperation Between Uzbekistan and Hungary
Szijjarto also highlighted the importance of nuclear cooperation between the two countries. He stated that Hungary considers nuclear energy crucial for ensuring energy security and identified prospects for MVM EGI, a Hungarian company with expertise in dry-cooling systems, to be a supplier for Uzbekistan’s planned nuclear plant.
In terms of bilateral ties, new weekly direct flights are planned to be launched between Tashkent and Budapest by Uzbek airline Qanot Sharq and Hungarian low-cost airline WizzAir, which could further boost economic cooperation.
The Hungarian Foreign Minister underscored the increasing significance of Central Asia amidst new geopolitical and global economic realities. He also announced that Hungarian universities will train ten Uzbekistani nuclear experts each year.
