Hungarian companies to invest 120 million euros in Uzbekistan

Five food production companies are preparing investments totalling 42 billion forints (EUR 120.7m) in Uzbekistan, Péter Szijjártó, the minister for foreign affairs and trade, said in Tashkent on Tuesday.

Hungarian companies will set up a plant producing plant-based oil, a cattle plant and a vegetable plant in the Central Asian country, Szijjártó said.

Hungary concluded a strategic cooperation agreement with Uzbekistan two months ago, allowing Hungarian companies to take part in modernising the country, Szijjártó said.

“This is a huge advantage for export-oriented Hungarian companies,” he added.

They also set up a Hungarian-Uzbek startup with a 700 million forints of capital to boost cooperation between the two countries’ businesses, he said. “The profits of Hungarian companies made here will help in their work at home, creating jobs in Hungary,” he said.

“It is clearly in the nation’s economic interest for Hungarian companies to have the largest possible role in Central Asia’s fastest-growing economy,” he said.