“FOR HUNGARIAN BUSINESSES, ONE OF THE BIGGEST ADVANTAGES IS UZBEKISTAN'S STRATEGIC LOCATION AS A GATEWAY TO CENTRAL ASIA — A LARGE AND GROWING MARKET OF OVER 35 MILLION.”

WHAT ARE THE KEY SECTORS WHERE HUNGARIAN BUSINESSES AND INVESTORS SEE THE MOST OPPORTUNITIES IN UZBEKISTAN?

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Hungary and Uzbekistan have developed a strong economic relationship, with Hungarian businesses identifying several promising sectors for investment and collaboration. Agriculture and food processing are among the most attractive areas, given Uzbekistan’s rich agricultural base and Hungary’s advanced technologies in irrigation, seed production, and livestock breeding.

Another key sector is pharmaceuticals, where Hungary has extensive expertise. Hungarian pharmaceutical companies see opportunities to supply high-quality medicines and establish joint ventures in Uzbekistan’s growing healthcare market. Energy is also a priority, particularly in renewable energy and water management solutions, where Hungarian firms can contribute expertise in solar and hydropower projects.

Beyond these sectors, Hungarian investors are increasingly exploring infrastructure development, IT, and financial services, recognizing Uzbekistan’s efforts to modernize its economy and improve business conditions.

WHAT ARE THE MAIN ADVANTAGES FOR HUNGARIAN COMPANIES LOOKING TO ENTER THE UZBEK MARKET?

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Uzbekistan has made great results in creating a more attractive investment environment. For Hungarian businesses, one of the biggest advantages is the country’s strategic location as a gateway to Central Asia. With a population of over 35 million, Uzbekistan offers a large and growing consumer market with increasing demand for high-quality products and services.

Additionally, the Uzbek government has introduced a range of reforms to simplify business procedures, reduce bureaucratic hurdles, and improve legal protections for investors. These include tax incentives, free economic zones, and more flexible foreign ownership regulations.

Another key factor is the strengthening diplomatic and economic ties between Hungary and Uzbekistan. Regular high-level visits, agreements on trade and investment, and enhanced financial cooperation are creating a favorable climate for Hungarian companies.

COULD YOU HIGHLIGHT ANY SUCCESS STORIES OF THE POTENTIAL OF HUNGARIAN INVESTMENT IN THE COUNTRY?

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Yes, there are several examples of successful Hungarian investments in Uzbekistan that highlight the potential for further collaboration. One notable success story is the pharmaceutical company Gedeon Richter, which has been expanding its presence in the Uzbek market. The company has successfully supplied high-quality medicines and was offered to start local production.

Another key example is OTP Bank, Hungary’s largest commercial bank, which has entered the Uzbek financial sector by acquiring a majority stake in Ipoteka Bank. This investment is expected to bring modern banking solutions to Uzbekistan and facilitate trade and investment between the two countries. Hungarian agricultural technology firms have engaged in joint ventures to contribute to Uzbekistan’s agricultural modernization efforts in the field of poultry processing.

These success stories demonstrate that Hungarian businesses can thrive in Uzbekistan, benefiting from the country’s economic reforms and growing demand for innovative solutions.

WHAT ROLE DOES THE HUNGARIAN EMBASSY IN UZBEKISTAN PLAY IN FACILITATING TRADE AND INVESTMENT BETWEEN THE TWO NATIONS?

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The Hungarian Embassy in Uzbekistan plays a crucial role in strengthening economic ties and supporting Hungarian businesses looking to enter the Uzbek market. One of its key functions is to provide market insights, regulatory guidance, and networking opportunities. The Embassy also works closely with Hungarian and Uzbek trade agencies to facilitate business matchmaking and trade missions.

There are several initiatives and agreements aimed at boosting economic cooperation. For example, the Hungarian-Uzbek Strategic Partnership Agreement signed in 2021 laid the foundation for stronger economic and political ties. Hungarian Eximbank has also set up a credit line to support Hungarian companies operating in Uzbekistan, making it easier for businesses to access financing for possible projects.

The two countries are collaborating on various joint economic projects, particularly in agriculture, pharmaceuticals, and financial services. Hungary is also supporting knowledge transfer initiatives, where Hungarian experts assist Uzbek businesses in adopting modern technologies and best practices. Overall, with strong diplomatic support, growing trade volumes, and targeted investment initiatives, the Hungarian-Uzbek economic relationship is set to expand further in the coming years.