The meeting of the Uzbek-Hungarian Intergovernmental Commission for Economic Cooperation was held in Budapest, during which the parties came to an understanding of the potential for further expanding bilateral cooperation in a number of areas.

Opening the meeting, the Deputy Secretary of State for Trade and Economic Cooperation of Hungary highly commended the ongoing reforms in Uzbekistan aimed at improving the macroeconomic conditions and the business environment, noting their practical results, which was also supported by other members of the Hungarian delegation.

The parties discussed in detail the current state and prospects for expanding cooperation for attracting investments and technologies from Hungary to Uzbekistan, and also agreed to take the necessary steps to increase the volume and range of trade turnover.

The parties underscored the need to step up contacts between the businesses of the two countries and push the direct dialogue between heads of ministries and departments to speed up handling issues.

A number of accords were signed following the Intergovernmental Commission meeting on the implementation of projects in the field of agriculture, animal husbandry, pharmaceuticals, winemaking, and specific agreements were reached on cooperation in the banking sector. In the near future, the parties intend to take steps to create an Uzbek-Hungarian trading house in Budapest to further boost trade, economic and investment cooperation between the two countries.

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