In recent years, cooperation between Uzbekistan and Hungary has seen significant development. Diplomatic relations between the two countries were established on March 16, 1992. Hungary opened its embassy in Uzbekistan in 2016, and in 2021, Uzbekistan opened its embassy in Budapest.

High-level meetings have taken place between the President of Uzbekistan, Shavkat Mirziyoyev, and the Prime Minister of Hungary, Viktor Orbán. In March 2021, President Mirziyoyev made an official visit to Budapest, which helped to strengthen the strategic partnership between the two nations. In 2023, Viktor Orbán visited Uzbekistan, during which several agreements were signed.

Cooperation in education and science is also steadily expanding. The Hungarian government annually provides over 100 scholarships to Uzbek citizens under the Stipendium Hungaricum program. Students from Uzbekistan study in Hungarian universities in fields such as medicine, engineering, law, and economics. Joint academic programs and faculty exchange initiatives have been established between universities in both countries. Moreover, Uzbek Culture Days were held in Budapest, and Hungarian Culture Week took place in Tashkent.

This week’s meeting between the leaders of both countries was also of considerable substance.

Significantly, the official visit of President Shavkat Mirziyoyev to Budapest began with a meeting with the heads of Hungary’s largest companies and banks.

The Hungarian delegation included top executives and founders from OTP Bank, BDPST Group, 4iG, Indotek, MVM, Duna Group, MOL Group, H2O Consortium, Inpark, Wizz Air, and others.

In his speech, the President of Uzbekistan emphasized the symbolic nature of starting his official visit with a dialogue with Hungarian business leaders.

He noted the dynamic growth of direct Hungarian investments in Uzbekistan’s economy. For instance, OTP Bank had previously acquired one of Uzbekistan’s major banks and secured a solid position in the country's financial market.

Support was expressed for OTP Bank’s new plans, including the establishment of a joint venture for auto financing, the launch of a business funding program, and the construction of a large-scale poultry cluster.

To enhance industrial cooperation and promote technology transfer, a special industrial zone for European companies is being created in Tashkent Region, to be managed by the Hungarian operator Inpark.

The President outlined several key priorities, including co-financing joint projects and supporting exports of finished products to promising third-country markets.

The importance of enhanced transport connectivity was stressed, especially the need to increase freight traffic and develop direct air links between Uzbekistan and Hungary.

President Mirziyoyev highly appreciated the interest shown by Hungarian companies in joint projects. In turn, business representatives presented proposals and plans to expand cooperation.

During the meeting, agreements were reached on the implementation of new projects in areas such as:

• Modernization of transport and road infrastructure

• Construction of logistics centers and utility networks

• Production of building materials, ready-made textiles, chemical products, and pharmaceuticals

In conclusion, the President proposed to hold such meetings on a regular basis.

“We will create all the necessary conditions for the development of strong ties between our countries’ business communities,”  assured the President of Uzbekistan.

At the end of the event, a ceremony was held to exchange agreements on the implementation of priority investment projects, in the presence of the Uzbek leader.

By Rakhimboy Jumaniazov, 

Professor at NRU “TIIIAME"National Research University,

 Member of the Union of Writers and Journalists of Uzbekistan