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Uzbekistan and Hungary: implementation of 37 investment projects aimed at the development of industrial cooperation has begun

On November 27, in the format of a video conference, negotiations were held between Deputy Prime Minister – Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov and Minister of Foreign Economic Relations and Foreign Affairs of Hungary P. Siyarto.

The parties exchanged views on the current epidemiological situation in the two countries and measures taken to prevent the spread of coronavirus infection, and also discussed topical issues on the agenda of the Uzbek-Hungarian partnership and prospects for its expansion in priority areas.

Potential areas of investment cooperation aimed at creating joint ventures for the production of products with high added value were discussed and priority tasks for further deepening industrial cooperation were noted.

Currently, with Hungarian partners, the implementation of 37 investment projects of industrial cooperation in the fields of agriculture, animal husbandry, poultry farming, processing of agricultural products, as well as textile, pharmaceutical and food industries has begun.

In this vein, the parties agreed to consider the possibility of an early signing of an agreement on the establishment of the Uzbek-Hungarian Business Council as a platform for strengthening and expanding ties between representatives of the business circles of the two countries. Positive trends in mutual trade were noted, which made it possible to significantly increase the volume of trade between Uzbekistan and Hungary following the results of 10 months of this year. In this vein, specific measures were considered to further expand bilateral trade, ensure its diversification and balance, including by organizing mutual trade missions, opening trading houses and organizing exhibitions of products of Uzbek and Hungarian manufacturers in both countries.

The parties also discussed further steps aimed at enhancing the activities of the Uzbek-Hungarian Intergovernmental Commission on Trade and Economic Cooperation, the next meeting of which is scheduled to be held in January 2021 in Budapest.

In a separate order, the issues of interaction in the scientific and educational sphere were raised – the practical significance of the agreement being worked out on the opening of a branch of the Debrecen University in Hungary in Uzbekistan was noted. An agreement was reached on organizing a visit of the leadership of the Debrecen University of Hungary to Uzbekistan to discuss issues of further cooperation. As a result of the talks, an agreement was reached on the development of a regular dialogue in the framework of areas of mutual interest, which will allow to promptly resolve emerging issues and provide mutual assistance in the implementation of joint initiatives.