Hungary to conquer Central Asia from a special industrial zone in Uzbekistan

Special industrial zone Tashkent

Uzbekistan will set up a special industrial zone near Tashkent with preferential regulations designed for Hungarian investors, Péter Szijjártó, the minister of foreign affairs and trade, announced after a meeting of the Hungarian-Uzbek Mixed Inter-governmental Economic Cooperation Committee in Budapest on Thursday.

The special economic zone will allow cooperation between Hungary and Uzbekistan to further strengthen, Szijjártó told a joint press conference held with Laziz Kudratov, Uzbekistan’s minister of investment, industry and trade, after signing an agreement on the project.

In bilateral cooperation, Szijjártó noted preparations by Hungarian companies to enter the Uzbek market with projects in the pharmaceutical, agricultural and food industries, according to a foreign ministry statement. A capital fund to support their investments in central Asia will soon be set up, he said. In addition, it can also be a guarantee for them that OTP Bank, Hungary’s biggest commercial lender, has become “a flagship” investor in Uzbekistan’s bank sector with a 73 percent stake acquired in one of that country’s largest banks, the foreign minister added. At the press conference, Szijjártó highlighted the importance of the two countries’ strategic partnership which offered Hungary enormous opportunities in the modernisation of various branches in Uzbekistan’s economy.

Nuclear cooperation is of paramount importance for the Hungarian government, Szijjártó said, insisting that only those countries were safe that could cover most of their domestic energy needs from their own resources. In terms of possibilities in bilateral cooperation, he identified prospects for MVM EGI with extensive references in dry-cooling systems to be a supplier for the nuclear plant Uzbekistan was planning to build at a site lacking sufficient water reserves. Szijjártó said that ten Uzbekistani nuclear experts would be trained each year at Hungarian universities.

New weekly direct flights planned to be launched between Tashkent and Budapest by the Uzbek airlines Qanot Sharq in late summer and by Hungarian low-cost airline WizzAir at the end of this year could further boost bilateral ties, he said. He also said that central Asia was becoming increasingly important “midst new geopolitical and global economic realities”.

Wizz Air flight to Budapest stranded in Abu Dhabi for more than 30 hours

Wizz Air Hugarian Company UK Purchase

Wizz Air flight from Abu Dhabi to Budapest has been delayed for more than 30 hours. It is not known when passengers will be able to get home.

Wizz Air flight delayed for 30 hours

Wizz Air’s flight from Abu Dhabi to Budapest has been delayed for 30 hours, a Telex reader reported.

The plane was due to take off at 7:10 PM local time on Tuesday. It was delayed by an hour and a half, check-in was done, and everyone boarded the plane.

“At that time, the local yellow-vested crew mechanics were still going in and out of the cockpit, and then the captain was going in and out of the plane. Finally, as if everything was in order, the flight attendants closed the doors as if we could take off, and the aisle was uncoupled from the plane, almost ready for take-off,” writes a Hungarian on the scene. But the plane remained on the ground. Later, staff members in yellow vests appeared again and the steward announced that they were experiencing a technical issue.

“The air conditioning slowly stopped working on the plane, the tension started to be palpable on board, while it was scorching 38 degrees outside. Those sitting in the front rows could clearly see the captain following the mechanics for a short while, looking puzzled, as if he didn’t know what was happening either,” a reader wrote to Telex.

Waiting for a day

The captain announced that the plane would not take off due to a sensor malfunction. Passengers were given food and accommodation, at around 4 AM. They were instructed to return to the airport by 8:30 AM. The plane was due to take off at noon, but 10 minutes before departure time there was no plane or crew in sight.

On Wednesday morning, passengers were kept waiting for four hours in a stuffy room without air conditioning. Passengers were not given any information, food or water. A Hungarian on the spot said, “we only got water and some Arabic spicy food to nibble on in the fifth hour”.

Wizz Air sent a written apology to passengers about what had happened and reassured them that cold sandwiches were on the way, up to two for the day. At this point, the passengers had been waiting for 27 hours.

“Although there is water in the buffet, you can only ask for coffee, the buffet does not provide water. One passenger has already gotten ill in the crowd and mothers try soothe their crying children. People are exhausted and desperate. We have now been delayed for 27 hours,” a Hungarian passenger said.

Wizz Air writes that the plane was unable to take off due to delayed repair work. While waiting, accommodation and meals were provided for passengers, although this took longer due to logistic challenges.

“The airline would like to apologise to all concerned for any inconvenience caused; the safety of our passengers, crew and aircraft remains our top priority,” says Wizz Air.

Wizz Air reacts

“At 7:10 this morning, the Wizz Air flight from Abu Dhabi scheduled for 25 July arrived successfully in Budapest. The aircraft was unable to take off on time due to a sensor malfunction; technicians immediately started to rectify the problem, but due to the lengthy repair process, the airline eventually sent a relief flight to pick up the passengers.

The passengers stranded in Abu Dhabi were provided with accommodation and meals by a ground handling company contracted by Wizz Air.

The airline would like to apologise to all those affected for any inconvenience caused; the safety of our passengers, crew and aircraft remains our top priority. Passengers affected by the rescheduling of their flight can request reimbursement of accommodation and other costs by presenting a copy of their invoice via the Wizz Air website or by contacting Wizz Air Customer Services,” issued the Hungarian low-cost airline.

Another Central Asian capital to have regular flights to Budapest

qanot-sharq-airbus-a320

Good news for Asia enthusiast passengers, Uzbek Qanot Sharq Airlines will operate flights between Tashkent and Budapest.

Qanot Sharq airline will start flights between Tashkent and Budapest Airport on 20 August with its Airbus A320 aircraft, Uzbekistan’s Ministry of Transport announced.

According to airportal.hu, Qanot Sharq started out in 1998 but ceased operations in 2012. However, the company managed to bounce back in the summer of 2021 with two leased Airbus A320-200s, each being more than 15 years old. Currently, the fleet includes two new A321neos, which are expected to be joined by a 9-year-old Airbus A330-200 in the near future.

Qanot Sharq is the first private passenger airline to restart operations in Uzbekistan.

In the spring, at the Tashkent International Investment Forum, Hungarian Minister of Economic Development Márton Nagy discussed various economic cooperation opportunities, including the opening of direct flights between the two countries, thus opening the way between Tashkent and Budapest.

The exact details of the flight will be made available on the company’s website later, according to our information.

As we wrote before, OTP Bank has acquired a stake in the Uzbek Ipoteka Bank.

Kyrgyz foreign minister Jeenbek Kulubaev held talks in Hungary

kyrgiz

Hungary started building ties with central Asia before other players, and now enjoys a competitive advantage in a region with growing importance, the minister of foreign affairs and trade said after meeting his Kyrgyz counterpart, Jeenbek Kulubaev, in Budapest on Monday.

Péter Szijjártó told a joint press conference with Kulubaev that in the wake of the war in Ukraine and the resulting sanctions on Russia, well-used transit routes and trade relationships had become “practically impossible”.

As a result, “physical trade routes and the supply routes of some resources moved to central Asia. Hungary, and observer in the Organisation of Turkic States, has a strategic advantage in the region … and has brought that advantage to fruition,” he said.

Hungarian-Kyrgyz trade volume jumped by a record 71 percent last year and 3.5-fold this year already, he said.

Earlier economic agreements brought excellent opportunities for Hungarian companies in the modernisation of Kyrgyzstan’s water management and irrigation system, and several projects in food processing, Szijjártó said. A Hungarian company will start a solar power plant investment project soon, he said, adding that joint steel production in Bishkek is so far worth 2.5 billion forints (EUR 6.6m), he added.

Cooperation in education is also gaining momentum, the two countries’ rectors’ conferences have recently met, and Hungary offers 200 grants per year to Kyrgyz students wishing to study here, he said.

Szijjártó also called for strengthening ties between the European Union and Central Asia. He called on the EU to finally ratify a strategic partnership agreement with Kyrgyzstan that was finalised in 2019.

On the war in Ukraine, Szijjártó said Kyrgyzstan and Hungary were both members of the “global pro-peace majority”. “Both countries have paid heavily for the war in Ukraine which they are in no way responsible for,” he said.

“We both think there is no solution to this war on the battlefield … and so we want a ceasefire as soon as possible, and want to play a role in keeping channels of communication open,” he said.

At the third meeting of the Hungarian-Kyrgyz strategic council, the two countries signed an agreement on environmental protection.

Responding to a question on Hungarians evacuated from the Greek island of Rhodes where wildfires are raging, Szijjártó said that 80 Hungarians had been evacuated so far. The foreign ministry is in contact with 122 Hungarians on the island, he said, and called on them to register on the consulate’s website for assistance.

As we wrote this year, Kyrgyz President Japarov held talks with Hungarian President Novák, details HERE.

Filipino bus drivers to save Hungary from labour shortage

BKV Buses

Hungary has been facing a serious shortage of bus drivers. Filipino employment agencies are trying to recruit Filipino bus drivers to fill in the positions and solve the labour shortage in Hungary.

As we reported HERE, Asian workers have been flooding Hungary lately. The foreign workforce is very much needed for the country, as it has been facing a serious labour shortage. In general, Hungary has a high demand for skilled workers to do simpler jobs. A Hungarian bus driver, János Hrucsár, has told RTL that there are not enough bus drivers either. Hrucsár has been on the roads for over 34 years, he drove 750,000 kilometres without any accidents. He says that his profession has its beauties but unfortunately, fewer, and fewer people choose this occupation in Hungary. He says:

We got a bit old; I started here when I was young, we had a lot of young bus drivers at that time. Now the average age is over 40 years.

There are only a few new entrants who seek to work in this field. Even if someone decides to become a bus driver, it is not granted that the person will pass all the tests. Those who pass the tests usually move abroad, hoping for a better salary.

Lack of bus drivers

The President of the United Transport Workers’ Union, Gábor Naszályi, thinks that this is a present problem in all of Europe. As we write HERE, Italy is actively struggling with a labour shortage as well. Despite that, the lack of bus drivers is a more serious issue in Hungary, as the salaries make Hungarian workers move to other European countries. Due to the shortage of bus drivers in Hungary, those who work in the field must work harder. Hungarian bus drivers are often exhausted. Naszályi says:

The timetables are set up in a way that there is less and less time to even get off the bus between two journeys to do something, for example, to go inside, escape from the heat and cool down for ten minutes.

Open positions

To solve the labour shortage, foreign bus drivers are welcome in Hungary. An employment agency is trying to recruit about a hundred bus drivers to a Hungarian town, Székesfehérvár. The only criteriums are that the driver must be experienced and over 150 centimetres. The advertised salary is HUF 250,000 (EUR 670). Budapest’s public transport company (BKV) is also experiencing a shortage of drivers. The company offers a one-off HUF 500,000 (EUR 1340) to new employees. Drivers can earn an average gross salary of HUF 730,000 (EUR 1950). Although, this salary also depends on the shifts, the days and the time of days, drivers take. BKV also awaits applicants who only have a licence for trucks or cars.

The Hungarian government has simplified the process of obtaining a bus driver’s licence to reduce labour shortages. The bus driver training course will no longer require a truck driver’s licence, a category B licence will suffice. The first courses are expected to start in September.

Hungarian economic development minister winds up trip to China

márton nagy hungary minister Hungarian economy Hungarian national economy minister

Economic Development Minister Márton Nagy has finished a five-day visit to Beijing, where he held talks on strengthening and deepening economic and financial ties between Hungary and China, his ministry said on Tuesday.

During the visit, Nagy met with high-ranking officials of the Ministry of Industry and Information Technology and the National Development and Reform Commission, as well as with executives of China Development Bank, Export-Import Bank of China, Bank of China, Industrial and Commercial Bank of China and China Construction Bank. He also held talks with the head of the Silk Road Fund and discussed the European strategy of Huawei at the ICT company’s recently inaugurated centre in Beijing.

Nagy spoke about possible financing opportunities in Hungary with the executives of the Asian Infrastructure Investment Bank.

Chinese FDI in Hungary, which stands over EUR 3 billion at present, is set to reach EUR 13 billion in the coming years on the back of electromobility investments, such as battery production, the ministry said.

Hungary needs to carry out large-scale energy and infrastructure upgrades for those investments to materialise, and it wants to undertake that endeavour with Chinese capital and the involvement of Chinese companies, it added.

Hungary supports the process in which Western and Chinese capital connect and Hungary’s role as a bridgehead strengthens, the ministry said. Nagy made it clear at the talks in Beijing that anything that counters this process is “harmful for both Hungary and Europe” and pressed for the removal of obstacles to trade, it added.

Orbán congratulates Uzbek president

Uzbek President Shavkat Mirziyoyev

Prime Minister Viktor Orbán on Monday talked to Uzbek President Shavkat Mirziyoyev over the phone, and congratulated him over his re-election to the office.

Orbán said the election results showed that Uzbek voters were committed to “the stability and reforms brought about by Mirziyoyev”. Hungary’s government continues to work to develop economic and political ties between Hungary and Uzbekistan, Orbán said. Several Hungarian companies play a significant role in Uzbekistan’s banking sector, communication and trade, Orbán and Mirziyoyev said.

Indians, Filipinos, Indonesians flooding Hungary: premeditated population change?

Filipinos work

Hungary has a high demand for welders, truck drivers and even skilled workers to do the simplest jobs. Therefore, there is more and more foreign workforce coming to Hungary.

As Index wrote, many foreigners have chosen to work in Hungary. There are workers who have been here for over six years. However, a new act might put an end to that. If the new legislation comes into force, no one will be allowed to stay longer than three years. There are over 4.7 million workers in Hungary. Thus, unemployment is not an issue. On the contrary, there is a lack of workforce in the country.

According to the Hungarian Central Statistical Office (KSH), there are around 85,000 foreigners working in Hungary. Due to labour shortages, Hungary has expanded its list of non-EU countries from which it is legal to import labour. Now, the list contains Belarus, Bosnia and Herzegovina, Brazil, Colombia, North Macedonia, Georgia, Indonesia, Kazakhstan, Kyrgyzstan, Mongolia, Montenegro, Russia, Serbia, Ukraine, Venezuela, the Philippines, and Vietnam. It is possible to come and work in Hungary from other countries as well, such as India, but there are stricter regulations.

Who gets picked?

The Hungarian labour market prefers skilled individuals with basic education and good English skills. The Philippines has been experiencing dynamic population growth. Approximately, there were 27 million people living in the Philippines in the sixties. Now, the number is close to 108 million. There are about one million Philippines every year who choose to leave their country behind and work abroad. Due to the American school system in the Philippines, Filipinos make the perfect workforce for the Hungarian labour market.

Some companies have Mongolian and Indonesian employees as well, but communication is harder, as not all of them speak and understand English. Naturally, these companies demand at least one person in a group of ten to speak English (or Russian). Of course, the workers must somehow tell their bosses if someone got sick over the weekend or has another kind of problem. If a dispute at work occurs, it is much easier to resolve it with an English-speaking “representative”.

How do these workers end up in Hungary?

As mentioned before, Hungary has a high demand for these workers. But how do they manage to come and work here? Workers arriving in Hungary can legally come in two forms. One way is that an intermediary company recruits the workers, and once the workers have been posted to the employer, the foreigners will be in contact with the company that employs them. This way, the intermediary does not have to deal with accommodation or payroll.

The other option is that the temporary employment agency brings in foreigners, takes them into its own staff, and lends them to Hungarian companies. There are 25 Hungarian temporary employment agencies that can legally bring workforce from Asian countries. Most of the Asian workers will work in the industry, in factories.

What do Asian workers do when they are not working?

Most Asian workers are happy to work overtime because they would like to take home as much money as possible. However, when they do decide to rest, it is highly important to have a comfortable bed and good Wi-Fi in their accommodation. After all, they would like to keep in touch with their families at home. Some workers try to learn Hungarian in their free time, but there are people who prefer to travel. These workers might visit Budapest, Lake Balaton, or other EU countries even. Filipinos like to play basketball or cook together as a joint leisure programme. There are smaller towns in Hungary that are flooded by Asian workers, but usually, there are no conflicts or perceived difficulties in living together.

Hungary would like a broader cooperation with this Arab state

Hungary Oman Arab state cooperation

Gergely Fábián, the state secretary for industry policy and technology, met Omani Economy Minister Said Mohammed Al Saqri in Budapest on Friday, the economic development ministry said.

At the talks, Fábián, who represented Economic Development Minister Márton Nagy, emphasised the need for the two countries to start pursuing broader cooperation. At the inaugural of the Hungarian-Omani mixed economic cooperation committee on June 15 in Budapest, the sides concluded that both countries had an interest in cooperation that promoted the transfer of technology and knowledge, the ministry said in a statement.

Oman ranked 85th among Hungary’s trading partners in 2022, with bilateral trade turnover exceeding 35 million US dollars, the statement said. Relations between the two countries are traditionally broad, and cooperation has been established in a number of important areas, which should be further deepened, the state secretary said.

In addition to the oil industry, the two officials identified new opportunities in the manufacturing industry and technology, and agreed to assess the areas in which Hungary and Oman should seek close cooperation, the ministry said.

Featured image: illustration

Kuwaiti and Hungarian Foreign Ministers met in Budapest

kuwait budapest hungary

Hungary and Kuwait are both in favour of urgent peace talks in Ukraine, Foreign Minister Péter Szijjártó said after talks with his Kuwaiti counterpart in Budapest on Monday, arguing that the conflict could only be resolved through diplomacy.

“Given our own history, we, of course, condemn the war,” Szijjártó told a joint press conference with Sheikh Salem Abdullah Al-Jaber Al-Sabah, according to a ministry statement. “Given our own history, we are, of course, committed to protecting and respecting sovereignty and the principle of territorial integrity. However, both countries believe in a peaceful resolution.”

“We’ve made it clear multiple times — both Kuwaitis and Hungarians — that there is no resolution to this war on the battlefield, only casualties of which there are more and more with each passing day,” Szijjarto said. “This war can only be resolved through diplomacy, only through negotiations.”

Szijjártó emphasised that neither Hungary nor Kuwait supplied weapons to the war, only humanitarian aid. This would not change, he said, arguing that weapons deliveries prolonged the conflict and caused more death.

“So we would like to make it clear again that it’s time for the peace camp to turn up the volume, because … there are more countries in the world that want peace than there are those suffering from war psychosis,”

Szijjártó said.

Meanwhile, the minister warned that the war in Ukraine should not overshadow “the unprecedented global threat of terrorism”.

“Islamic State has yet to be defeated, and if we take a look, we can see that terrorism is rearing its head in Afghanistan, Africa, and in more and more places and continents,” he said.

Terrorism is one of the main causes of migration, with the two together forming a “vicious cycle”, Szijjártó said, arguing that the threat of terrorism led to mass migration waves, which could be infiltrated by terrorists, enabling them to get from one part of the world to another.

“That’s why we attach great importance to the global fight against terrorism, and we thank Kuwait for taking up a leadership role in this, as the country is a leader in the global coalition against the Islamic State,” Szijjártó said.

Cooperation between Hungary and Kuwait rests on solid foundations when it comes to the two countries’ stances on global issues, he said.

Szijjártó urged stronger cooperation between the European Union and the Gulf region, saying it would be beneficial to both.

Hungary is therefore committed to its position that citizens of the Gulf Cooperation Council’s member states should be allowed visa-free travel to the EU’s passport-free Schengen zone and that the EU and the GCC should sign a free trade agreement as soon as possible, Szijjártó said.

“Until the European Union takes the necessary steps here, we will take every step possible at the national level,” the minister said. Hungary offers the greatest possible visa preferences to Kuwaiti citizens, is as flexible as possible, and “we always try to be the quickest” in issuing visas in Kuwait City, he added.

Meanwhile, Szijjártó said talks on an investment protection agreement were nearing completion, and a meeting of the mixed economic committee has been convened for September. Also, a direct flight between Budapest and Kuwait City is set to be launched next summer under a tourism agreement signed today, he added.

Szijjártó also talked about the importance of boosting energy cooperation, saying the Kuwaiti authorities were looking into a solution by Hungarian oil and gas company MOL that can enhance extraction from depleting oil fields.

Also, a successor of Hungarian engineering company Ganz has been chosen to carry out the maintenance of a large portion of Kuwait’s high-voltage electricity network, Szijjarto said.

As we wrote earlier today, Kuwaiti FM in Budapest: great potential for development between the two countries.

Kuwaiti FM in Budapest: great potential for development between the two countries

kuwait

Economic development minister Márton Nagy on Monday met Kuwaiti Foreign Minister Sheikh Salem Abdullah Al-Jaber Al-Sabah in Budapest on Monday to discuss economic ties and areas of future cooperation, the ministry told MTI.

Nagy praised Kuwait as the fifth richest country in the world with an “exemplary” 2.5 percent unemployment rate.

Trade volume between Hungary and Kuwait reached 33 million dollars in 2022, and there is “much room for improvement”, Nagy said. Besides the energy sector, there is room for cooperation in agriculture and the food and pharmaceutical industry, he said.

Hungarian companies could also benefit from Kuwait’s plan to become a financial, trade and cultural hub by 2035, he added.

As we wrote before, despite the previous plans, Kuwait Airways will not come to Budapest Airport from 13 June. Details HERE.

Uzbekistan and Hungary have established a strong and reliable partnership

Uzbekistan Katalin Novák

Building upon their historical ties, Uzbekistan and Hungary have established a strong and reliable partnership, positioning Hungary as a crucial and high-valued partner for Uzbekistan in Europe. This enduring relationship has fostered cooperation across various sectors, paving the way for mutual growth and collaboration.

Uzbekistan and Hungary have built a robust partnership over the years, characterised by growing diplomatic relations and substantial collaboration in numerous sectors. Since establishing diplomatic ties in 1992, relations between the countries have been developing in various fields. Moreover, the two countries have leveraged their shared membership in the Organization of Turkic Countries (OTC) to foster economic growth and mutual development. Notably, this relationship has witnessed remarkable achievements in agriculture, science, technology and information security.

In a significant step towards deepening bilateral engagement, the Embassy of Hungary in Uzbekistan opened its doors in 2017, marking a pivotal moment in the countries’ diplomatic ties. This move exemplified Hungary’s commitment to strengthening relations and exploring new avenues of collaboration with Uzbekistan. It is important to note that Uzbekistan also opened its embassy in Budapest in 2023, which is a sign of increasing importance of partnership.

Cooperation in agriculture has emerged as a key pillar of Uzbekistan-Hungary relations. Drawing upon Hungary’s advanced agricultural expertise, the two nations have initiated high-profit investment projects and trade agreements in areas such as water-saving technologies, the food industry and agriculture. By leveraging Hungary’s innovations and knowledge, Uzbekistan aims to enhance productivity and sustainability in its agricultural sector, contributing to the overall economic growth of the country.

The collaboration between Uzbekistan and Hungary extends beyond agriculture. The two countries have actively developed joint projects in science, innovation, and technology. During Hungarian Prime Minister Viktor Orbán’s visit to Uzbekistan in 2021, significant agreements were reached, paving the way for the implementation of various joint scientific initiatives. These initiatives aim to foster innovation and research collaboration, thereby bolstering the scientific capacities of both nations.

Moreover, the partnership has seen fruitful outcomes in the startup ecosystem. The “Joint Uzbek-Hungarian Startup Projects” competition, organised by the Uzbek Ministry of Innovative Development and the Hungarian Ministry of Foreign Affairs and Trade, has identified four innovative startup projects worth UZS 3.8 billion for financing. Notably, the projects have resulted in the creation of a “Big Data” platform, designed to optimise agricultural databases and enhance energy efficiency in homes.

Uzbekistan and Hungary have also embraced educational and cultural exchanges. Hungarian scholarships have been granted to Uzbek students, enabling academic exchanges and knowledge-sharing between the two nations. Cultural events, exhibitions and film festivals have further fostered cultural understanding and appreciation.

One area where Uzbekistan and Hungary have jointly recognised the importance of collaboration is in information security. The development of the SeCube control system platform, which ensures information security in the digital economy, stands as a testament to their commitment. By protecting against cyber attacks, this project fortifies the socio-economic sphere and promotes the training of qualified personnel in information security.

Looking ahead, the future of Uzbekistan-Hungary relations appears promising. As Uzbekistan and Hungary deepen their collaboration, both countries stand to gain significant economic growth and technological advancement. The multifaceted partnership holds immense potential for bilateral trade expansion, increased cultural understanding and knowledge exchange.

In conclusion, the Uzbekistan-Hungary partnership is crucial, yielding positive outcomes that enhance the lives of their people. Collaboration in various sectors has led to economic growth, technological advancements and cultural understanding. This enduring partnership exemplifies the power of international cooperation in shaping a better future for both nations.

Highlight of International Yoga Day will be held in downtown Budapest

yoga day hungary

If you’re passionate about yoga or just want to learn more about this ancient and complex practice, the Indian Embassy’s upcoming event is for you.

On 11 December 2014, the United Nations’ General Assembly proclaimed 21 June as the International Day of Yoga (IDY) with a unanimous vote of 177 supporting countries. Since then, IDY has become one of the world’s biggest events promoting health and well-being. Around the world, many programmes are held on this day to showcase the yoga tradition, which has been inscribed on UNESCO‘s World Heritage List.

The theme for this year’s celebrations is “Yoga for Humanity”. In this respect, the Embassy of India is planning several events in the cities of Hungary.

International Day of Yoga 2023 in Budapest

Date: 21st June, 2023, Wednesday:

Programme:

17.00 – 17.30: Indian music; Zoltán Lantos (Violin) & Shri Gulfam Sabri (Tabla)

17.30 – 17.45: Rhytmic Yoga performance

17.45 – 18.00: Welcome speeches

18.00 – 18.45: Yoga practice based on the Common Yoga Protocol

18.45 – 19.00: Yoga demos

19.00-19.30: Indian dance panorama; artists: Panni Somi (Bharatanatyam), Virág Túri (Odisszi), Jigna Dixit (Kathak)

19.30 – 20.00: Indian fusion music; Shri Gulfam Sabri (Vocal & Tabla) & photo session

Venue: Westend Rooftop Park, 1-3 Váci Avenue Budapest, 1062

You can read more details on the official website, and please do the Registration HERE.

Singapore’s drug registration process: a comprehensive guide

singapore

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The Singapore pharmaceutical market is a lucrative one, but it also presents unique regulatory challenges. One such challenge, which we’ll explore in this post, is the process of drug registration in Singapore. Given the nation’s rigorous regulatory landscape, an understanding of this drug registration process is crucial for international drug companies wishing to tap into this market.

The Essentials of Drug Registration

Comprehending the drug registration process in Singapore starts with understanding its importance. Registering a drug is a necessary step for international drug companies looking to introduce a new pharmaceutical product to the Singaporean market. This procedure ensures the safety, efficacy, and quality of the drug.

The Health Sciences Authority (HSA), Singapore’s primary health authority, is at the forefront of this process. They meticulously review each drug submission, which consists of crucial data such as the results of drug clinical trials and quality documentation. Understanding how to effectively engage with the HSA is a key part of the process.

Navigating the Singaporean Drug Registration Process

Let’s discuss each of the stages of the process in Singapore’s Drug Registration:

The Pre-Submission Stage

The drug registration process in Singapore involves several stages, with the pre-submission stage being a significant part of the process. During this stage, international pharmaceutical companies gather and compile a dossier consisting of various documents that provide a detailed description of the drug. This comprehensive dossier includes crucial information such as data obtained from clinical trials, demonstrating the drug’s safety and efficacy. Additionally, the dossier also encompasses quality documentation, which serves as evidence of the product’s quality and adherence to consistent drug manufacturing practices.

Submission and Evaluation Stages

After completing the pre-submission stage, the next step is the submission phase. International drug companies submit their meticulously prepared drug dossier to the Health Sciences Authority (HSA) for review. The HSA then enters the evaluation stage, where they meticulously examine the submitted data to ensure that the drug meets their stringent standards for safety, efficacy, and quality. This evaluation stage can be a rigorous and time-consuming process, as the HSA carefully assesses every aspect of the drug to safeguard public health.

Post-Marketing Surveillance

Once the drug has successfully gone through the evaluation stage and obtained drug approval in Singapore, the post-marketing surveillance stage begins. This stage is initiated after the drug is released into the Singaporean market. The HSA continues to monitor the drug’s performance and safety in real-world settings. The purpose of post-marketing surveillance is to ensure that the drug remains safe and effective, even after it has been introduced to a larger population. Through ongoing monitoring and data collection, the HSA can promptly identify and address any potential adverse reactions or safety concerns that may arise.

Guidance for International Drug Companies

When it comes to international drug companies entering the Singaporean market, there are additional factors to consider. It is essential for these businesses to be well-versed in the specific guidelines and requirements that apply to foreign drug manufacturers. Being familiar with these regulations helps ensure compliance and a smooth Singapore registration process. Having a local Singapore regulatory representative or Singapore drug regulatory consulting firm can also be highly beneficial, as they possess the necessary knowledge and expertise to navigate the intricacies of the Singaporean system. This representative can effectively communicate and liaise with the HSA on behalf of the international drug, facilitating a streamlined and efficient registration process.

In addition to regulatory considerations, cultural factors should not be underestimated. Understanding and respecting local business customs can play a significant role in establishing strong relationships and conducting successful dealings with the HSA and other Singaporean drug entities. Demonstrating cultural sensitivity and adapting to local practices shows a commitment to integration and collaboration, which can enhance business prospects in the Singaporean drug market.

Through acknowledging and embracing these cultural considerations, international drug companies can foster trust, mutual respect, and fruitful partnerships with Singaporean counterparts, ultimately contributing to their long-term success in the market.

Leveraging Registration Data for Improvement

In the Singaporean drug registration process, utilizing the obtained data and feedback is crucial. Regulatory feedback, which is often received during the evaluation stage, offers valuable insights into potential areas for improvement and optimal market positioning of the product. This feedback serves as a guide for companies to refine their drug’s safety, efficacy, and quality, ensuring that it aligns with the stringent standards set by the HSA. Leveraging this feedback effectively, international drug companies can enhance their product’s competitiveness and increase the chances of successful registration and market acceptance in Singapore.

Successful Registration: The Advantages

Completing the drug registration in Singapore can unlock several benefits for international drug companies. Successful registration grants access to the lucrative Singaporean market, providing an opportunity for substantial business growth. It also contributes to improved patient safety by ensuring only thoroughly vetted drugs are released to the public.

Addressing Registration Challenges

Navigating the process can come with challenges. However, with careful preparation, accurate documentation, and open communication, international drug companies can successfully overcome these regulatory hurdles. It’s crucial not to rush the process. Ensuring all documents and data submitted are of high quality and accurate can prevent unnecessary delays or rejections.

Navigating the process of drug registration in Singapore can seem overwhelming due to the intricacies involved. However, with the right understanding and approach, international drug companies can successfully traverse this landscape.

The journey towards drug registration in Singapore, while complex, can be made much more manageable with a clear understanding and careful approach. It’s a journey that can lead to significant business growth and a positive impact on patient safety, making it an endeavor worth undertaking for any pharmaceutical company seeking to make a mark in Singapore’s dynamic drug market.

Largest Hungarian bank expands in a surprising country

OTP Bank Hungary megabank

OTP Bank has acquired a stake in the Uzbek Ipoteka Bank. With this, the bank of the 2nd richest Hungarian entered the Central Asian market. The bank led by Sándor Csányi is the first foreign player to participate in the privatisation of the Uzbek banking sector.

From today, OTP Bank is the majority owner of Ipoteka Bank. The bank is Uzbekistan’s fifth largest financial services provider. This makes Csányi’s bank the first foreign player to participate in the privatisation of the Uzbek banking sector, Forbes reports. The first step of the acquisition has now been completed, the bank said in a press release.

OTP bought 75 percent of the shares owned by the Uzbek Ministry of Economy and Finance. In the second step, the remaining 25 percent will be purchased in three years. Uzbekistan is the first Central Asian country where the OTP Group starts operations.

OTP Bank has been in talks with the Uzbek government since the end of 2020 on the possibility of participating in the privatisation of the Uzbek banking sector. The parties signed a sale and purchase agreement for Ipoteka Bank in December 2022 in Tashkent. Under the agreement, OTP Bank will acquire 100 percent of the shares owned by the Uzbek Ministry of Economy and Finance in two stages. This will amount to approximately 98 percent of the total stake.

Sándor Csányi is currently the second richest person in Hungary, only preceded by LÅ‘rinc Mészáros. You can find this year’s list of the richest Hungarians HERE.

Economic development minister Nagy meets South Korean execs

south korea

Hungary is counting on South Korean companies when it comes to battery manufacturing, Economic Development Minister Márton Nagy said after meeting executives of four South Korean companies in his office on Monday.

Nagy met Ecopro Global Hungary president Sun Dong Chang, Samsung Electronics Hungary president Daniel Sont, SK On Hungary managing director Hang Ki Moon and Samsung SDI Hungary VP Hyun Jung, his ministry said.

Hungarian industrial policy with a focus on the electronics industry and battery production was the focus of the talks.

Hungary is set to become the fourth-biggest battery maker in the world, after China, the US and Germany, with a capacity of 250 GWh, enough to meet 35 percent of demand in Europe, the ministry said.

South Korean companies formed the biggest group of investors in Hungary last year, ploughing around 1,100 billion forints (EUR 3bn) into the country.

Fully 260 South Korean-owned companies employ 20,000 people locally.

As we reported today, new memorial site for deadly Hungarian boat tragedy, details HERE.

Hungary looking to Turkmenistan for energy

szijjártó in ashgabat turkmenistan

The Hungarian foreign minister said natural gas supplies from Turkmenistan could play a role in resolving the energy crisis caused in Europe by the war in Ukraine and related sanctions, in Ashgabat on Thursday.

Péter Szijjártó travelled to the capital city of Turkmenistan as member of a delegation led by Prime Minister Viktor Orbán.

Speaking ahead of official talks, Szijjártó said Turkmenistan has vast reserves in its gas fields, noting however “a lack of adequate delivery routes to Europe”. He flagged Hungary’s increased interest in participating in building the infrastructure allowing deliveries from Turkmenistan “to be added to Europe’s, and perhaps to Hungary’s energy mix”.

Szijjártó said Hungary and Turkmenistan will sign several important bilateral agreements on investment protection, diplomatic training and education cooperation.

PM Viktor Orbán negotiates with one of the world’s toughest dictatorships

Viktor Orbán Péter Szijjártó foreign minister

Prime Minister Viktor Orbán on Thursday morning left on an official visit to Ashgabat, the PM’s press chief said.

Orbán is visiting Turkmenistan at the invitation of President Serdar Berdimuhamedow, Bertalan Havasi told MTI.

The prime minister’s delegation will include Foreign Minister Péter Szijjártó, Culture and Innovation Minister János Csak, Energy Minister Csaba Lantos and Economic Development Minister Márton Nagy.

On Thursday evening, Orbán is scheduled to attend a working dinner with Gurbanguly Berdimuhamedow, chairman of the National Council of Turkmenistan.

On Friday, Hungarian Prime Minister Orbán and President Berdimuhamedow will hold talks before signing cooperation agreements and giving a joint press statement.