Hungarian Economic development minister meets Uzbek industry and trade minister

Economic Development Minister Márton Nagy met Laziz Kudratov, Uzbekistan’s minister of investment, industry and trade, for a working dinner on Wednesday, his ministry said in a statement.

Nagy and Kudratov discussed current economic trends, ways to develop Hungary’s and Uzbekistan’s trade, economic and investment partnership as well as the direction of future cooperation, the ministry said.

Nagy noted that Hungary and Uzbekistan had agreed earlier this year to set up a EUR 50 million joint strategic equity fund to support Hungarian market players operating in Uzbekistan.

He also noted that the Hungarian-Uzbek investment protection agreement had entered into force 20 years ago, providing proper international legal protections to Hungarian investors.

Nagy and Kudratov highlighted the continued development of bilateral trade in recent years and that trade turnover exceeded 90 million US dollars.

They identified the food industry as the next potential sector for bilateral cooperation and agreed to hold regular consultations with a view to further boosting bilateral trade and economic relations.

Source: MTI