On 16 February 2021, as part of the visit of the Government delegation of the Republic of Uzbekistan to Budapest, Prime Minister of Hungary Viktor Orban received the Deputy Prime Minister of the Republic of Uzbekistan – Minister of Investment and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov.
During the conversation, they discussed the prospects for cooperation in the investment, trade, economic, cultural and humanitarian spheres, as well as the possibility of building up interaction between the business circles of the two countries.
Significant prospects for cooperation between the countries were identified in the investment sphere, by attracting leading Hungarian companies and advanced technologies to Uzbekistan, primarily in such areas as animal husbandry, agriculture, chemical, pharmaceutical, food industries. In this context, the role of the Uzbek-Hungarian Business Council being created was emphasized, which, according to the parties, will serve as an effective platform for bringing together the business circles of the two countries and jointly working out promising investment projects, as well as discussing the organization of its activities in the near future.
Touching upon the development of mutual trade, the parties welcomed the opening of the Uzbek-Hungarian Trade House in Budapest, designed to further expand bilateral trade cooperation, establish direct ties between manufacturers of the two countries and promote Uzbek and Hungarian products to promising markets.
In the context of strengthening economic ties, the parties assigned a special role to the Intergovernmental Commission on Economic Cooperation, emphasizing its effectiveness as a sustainable mechanism for resolving a wide range of issues of interaction in the investment and trade and economic spheres.
The Uzbek side expressed gratitude to the Hungarian government for its readiness to support Uzbekistan in joining the World Trade Organization, and obtaining Uzbekistan the status of a beneficiary of the General System of Preferences “GSP +”.
Prospects for cooperation in the format of regions between the Central Asian countries on the one hand and the countries of the Visegrad Group, where Hungary will take over the chairmanship from 1 June 2021, on the other hand, were discussed.
Following the meeting, an agreement was reached on the introduction of the practice of regular bilateral negotiations at the level of the co-chairs of the Intergovernmental Commissions to discuss the implementation of the agreements reached and address issues of investment and trade and economic cooperation of mutual interest.
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