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Hungary, Uzbekistan to set up special industrial zone for Hungarian firms near Tashkent
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Hungary and Uzbekistan have agreed to set up a special industrial zone tailored to the needs of Hungarian businesses near Tashkent, Péter Szijjártó, the minister of foreign affairs and trade, said in the Uzbek capital on Thursday.
Hungarian firms will have a special legal status to carry out investments and business activities in the area, Szijjártó said, according to a foreign ministry statement.
Detailing his talks in Uzbekistan, Szijjártó said Hungary’s OTP Bank recently acquired Uzbek peer Ipoteka Bank. The minister added that OTP’s entry into a given market tended to encourage more investments in that market by Hungarian businesses.
“This is only natural, given that such a step guarantees a form of legal and financial security for their investments,” Szijjártó said. This is once again the case, he said, noting that eight Hungarian companies have announced plans to invest in Uzbekistan’s food industry, agriculture, nuclear industry, pharmaceutical industry, the production of medical equipment and the construction industry since OTP established a presence in the country.
