The Uzbekistan Minister of Investment and Foreign Trade, Sardor Umurzakov, today at the between Uzbek-Hungarian intergovernmental commission on trade, economic, scientific and technical cooperation, called on the Hungarian business to make use of the current investment opportunities in Uzbekistan.

“We urge the Hungarian business to invest more actively in the Uzbek economy, the largest and most diversified economy in the Central Asia, for which the World Bank, Asian Development Bank, IMF and other international organizations projected a steady growth of 5-6% in the medium term,” - he said.

“We have been consistently creating all the opportunities for Hungarian companies in Uzbekistan and today we are offering you unique conditions in a unique country,” he said to a Hungarian business delegation.

The Minister stressed that Uzbekistan is interested in larger economic presence of Hungary in Central Asia and intends to facilitate the entry of Hungarian companies into the dynamically developing markets of the region.

“Also, we are firmly convinced that we can significantly boost trade between our countries,” he added.

According to him, the opening of trading houses, setting up of mutual trade missions, the constant exchange of lists of promising products for delivery to Uzbekistan and Hungary can play a big role in boosting bilateral trade.

“Hungary’s support in the matter of application of the European Union’s preferential tariff system GSP+ in relation to Uzbekistan will contribute to an increase in mutual trade,” Umurzakov said.

At the same time, the minister noted that despite the "colossal potential, the two-way trade figures between Uzbekistan and Hungary are very modest", US$ 71 million (a 44.9% year-to-year increase) in 2019.

“We also count on the assistance of the Hungarian government in promoting Uzbek products, both on the Hungarian market and throughout the European Union by providing consultative and technical assistance in matters of certification, standardization, labeling, and passing sanitary-quarantine procedures when importing our products,” he said.

Uzbekistan can provide European consumers with high-quality textile products, fresh and dried fruit and vegetable products, legumes, wine and cognac concentrate, copper products, fertilizers and much more.

Hungary will support Uzbekistan’s accession into the World Trade Organization (WTO), said Péter Szijjártó said.

“Hungary supports Uzbekistan’s accession in the WTO. In addition, we support the granting to Uzbekistan of the GSP+ status, as well as the signing of the expanded partnership and cooperation agreement with the EU.”

“Our Permanent Representatives will establish contacts this week with your representatives in Geneva and Brussels. We will agree on the tactics that are necessary for success in this area to be achieved,” he added.

According to him, Hungary can also share with Uzbekistan its experience in ensuring border security.

“We are countries that pay great attention to the security of their citizens. Security begins with protecting borders and protecting them is the first step towards national sovereignty. We are well aware that in Central Asia, the protecting the state border is always a big challenge. For us, several years ago, this was still an unfamiliar matter,” he noted.