OREANDA-NEWS. Uzbekistan and Hungary held the first session of the bilateral intergovernmental commission on economic cooperation and joint business forum on 12 September 2013.

The events were organized within the visit of the business circles of Hungary led by the State Secretary on foreign affairs and foreign economic activity Peter Szijjarto to Uzbekistan.

During the meeting, the participants were familiarized with perspectives of bilateral cooperation in various sectors of economy, investment potential of Uzbekistan and opportunities of investment cooperation, including at Navoi free industrial and economic zone and Angren special industrial zone.

The sides expressed interest in increasing the volume and diversification of structure of bilateral trade.

Diplomatic relations between Uzbekistan and Hungary were set on 3 March 1992. Uzbekistan and Hungary signed the agreements on mutual protection and encouragement of investments and on international automobile passenger and transport transportation in October 2002 within the visit of the Uzbek leader to Budapest. In April 2008, the governments of two states signed a convention on avoiding bilateral taxation and preventing evasion from payment of income and capital tax.

In November 2011, Uzbekistan and Hungary signed 17 documents (8 intergovernmental and inter-departmental and nine between business entities) within the official visit of Hungarian President Pal Schmitt to Uzbekistan. In particular, the Governments of Uzbekistan and Hungary signed an agreement on economic cooperation.

The most favourable trade regime was set between two nations in line with the agreement on partnership and cooperation between Uzbekistan and the European Union.

Trade turnover between Uzbekistan and Hungary reached USD 46.8 million in 2012 and USD 21.8 million in January-June 2013. This shows that there is great potential to increase trade-turnover between two countries.

There are four enterprises with Hungarian investments in Uzbekistan, of which three are joint ventures and one with 100% Hungarian investments. Four enterprises of Hungary accredited their offices in Uzbekistan.