Uzbekistan-Hungary signed business agreements worth $ 46.5 million

On December 13, an Uzbek-Hungarian business forum was held at the “International Hotel Tashkent”. It was organized by the State Investment Committee of the Republic of Uzbekistan, Chamber of Commerce and Industry of the Republic of Uzbekistan with the support of the Ministry of Foreign Affairs.

The event was attended by representatives of 18 Hungarian companies, including “Global Faktor Zrt.”, “Hunbas”, “MEDITOP Gyógyszeripari Kft.” and “InnovaSter-Trade Kft.” These companies are engaged in such fields as light and food industry, pharmaceuticals, animal husbandry, furniture and construction production and other directions.

While opening the event, Elyor Ganiyev, Deputy Advisor to the President of the Republic of Uzbekistan and Co-Chairman of the Uzbek-Hungarian Intergovernmental commission on economic cooperation, made a keynote speech. 

“We hope that this business forum will allow us to conduct thorough preparations for the upcoming meeting of the Uzbek-Hungarian Intergovernmental Commission, which is scheduled to happen in Budapest on March 5-6, 2019. 

Today, Hungary is one of the steadily developing states of Europe and in turn, we are closely following the processes taking place in the country. Hungary acquires a developed communication infrastructure and there is an active development of the innovation economy. At the same time, despite the existing reliable legal framework between our countries, the level of trade-economic relations does not correspond to the existing potential. All the conditions that have been created in Uzbekistan over the past two years are aimed at removing all barriers for investors and developing trade-economic and investment cooperation with foreign countries.”

It should be noted that currently, 7 Hungarian companies operate in the Republic of Uzbekistan.

Following the results of the forum, 6 documents were signed totaling $ 46.5 million.

An agreement was signed between the administration of Navoi region and the Hungarian company “Hunland” on the implementation of a cluster project in the field of cattle breeding totaling $ 30 million.

The wide experience of Hungarian-Uzbek agrarian specialists will be implemented in the framework of a joint agreement on the establishment of an enterprise for the production of sown seeds of vegetables between the LLC “Agrologistics Central Asia” and “Szentesi-Mag Ltd.” in the amount of $ 10 million.

In addition to seed production, foodstuff production is planned under the Agreement on the organization of production for processing cucumbers, tomatoes and corn, including other fruit and vegetable products between the JSC “Hamkorbank”, LLC “Andijan Exclusive Invest” and “InnovaSter-Trade Kft.” in the amount of $ 3 million.

Another agreement has been reached between Hungarian and Uzbek producers on the most promising industry – fishery. “Hun-bas Invest Ltd.” and LLC “Golden Lake Fish” signed an agreement on the construction of a complex for growing and processing fish products in the Lake “Tudakul” for the totaling amount of $ 1.6 million. 

Moreover, a contract for the supply of fruit processing equipment (for the production of chocolate products) was signed between the LLC “Andijan Exclusive Invest” and “Budagep” for $ 300,000 and a Memorandum between the holding company “Uzsharobsanoat”, JSC “Shokhrud” and “Hun-bas Invest Ltd.” to create a joint venture for the production of oak barrels in the amount of $ 1.6 million was inked.