OREANDA-NEWS. November 11, 2011. An Uzbek-Hungarian Business Forum and Cooperation Exchange took place in Tashkent, Uzbekistan. These events are organized within the official visit of Hungarian President Pal Schmitt to Uzbekistan.

The events are organized by the Ministry of Foreign Economic Relations, Investment and Trade of Uzbekistan and the Chamber of Commerce and Industry of Uzbekistan.

Representatives of state bodies and companies operating in various sectors of economy, financial institutions participated at the events.

During the business forum, the Uzbek side presented information on main directions of attracting investments into economy of Uzbekistan. The Hungarian side familiarized with ongoing privatization processes and development of small and private businesses, opportunities and preferences at Navoi free industrial and economic zone.

The sides also exchanged opinion on economic potential, opportunities of Uzbekistan and Hungary. The sides also considered issues of developing trade-economic and investment cooperation between two states, and attracting Hungarian investments to privatization in Uzbekistan.

After the business forum, the sides signed agreements on further strengthening of cooperation between two states in trade and industry, investment, banking-financial, energy, medicine, pharmaceuticals, food, chemistry and tourism industries.

After the forum, the companies of Uzbekistan and Hungary discussed implementation of joint projects and establishment cooperation.

Hungary recognized independence of Uzbekistan on 26 December 1991. On 3 March 1992, the countries established diplomatic relations.

Uzbekistan considers Hungary as long-term and reliable partner in Central and Eastern Europe and pays special attention to strengthening mutual beneficial and multilateral cooperation.

Uzbekistan and Hungary set the most favourable trade regime. Trade turnover between of two states reached US.5 million in 2010, including exports – US.6 million and imports – US.8 million. In eight months of 2011, the figure made up US.24 million.

Uzbekistan exports fertilizers, ready textile products, services and goods to Hungary and imports pharmaceutical products, mechanism equipment, other products.

Currently, there are seven enterprises with participation of Hungarian investors, 5 joint ventures and two 100% Hungarian capital. At the same time, five Hungarian companies received accreditation at the Ministry of Foreign Economic Relations, Investment and Trade.