Hungarian Companies Thriving in Central Asia
Hungarian businesses are making significant strides in Uzbekistan, with a strong presence in the banking sector, food industry, and pharmaceuticals industry. The finance minister highlighted the success of Hungarian companies at the Tashkent International Investment Forum, emphasizing the strategic partnership between Hungary and Uzbekistan in the central Asian region.
Last year, Hungarian companies saw a 12 percent increase in exports to Uzbekistan, surpassing 90 million dollars. The demand for pharmaceutical products and vehicles manufactured in Hungary remains high in the Uzbek market. Additionally, Hungarian companies in the banking sector, particularly OTP, are gaining strength, and agriculture investments under Hungarian-Uzbek cooperation are proving fruitful.
Hungarian expertise in water management and engineering is also in demand, with Budapest’s Óbuda University participating in the development of Uzbekistan’s first innovation and science park. The Turkic Council and the Hungarian-Uzbek Business Council play a crucial role in fostering economic cooperation between the two countries.
Minister Mihály Varga’s visit to Uzbekistan includes discussions with key officials, such as Deputy Prime Minister Jamshid Khodjaev and Minister of Economy and Finance Jamshid Kuchkarov, to further enhance economic ties between Hungary and Uzbekistan.
In a separate meeting, National Economy Minister Márton Nagy engaged in talks with Sheikh Khalid bin Hilal Al Maawali, Chairman of Oman’s Shura Council, to explore investment opportunities for Hungarian agricultural companies in Oman, particularly in the dairy sector. Both countries are looking to deepen cooperation in various sectors, including energy, education, and air transport, to strengthen bilateral ties and capitalize on mutual economic interests.
