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MINISTER ATTENDS BUSINESS FORUM IN UZBEKISTAN

 

Minister for Economic Development Márton Nagy attended the 2nd Tashkent International Investment Forum. Nagy emphasised that economic ties between Hungary and Uzbekistan are on the rise, and bilateral trade expanded in spite of the global economic slowdown. He highlighted excellent cooperation in the pharmaceutical, infocommunication, machinery and chemicals sectors as well as the agriculture and food industry.
The minister noted that nine projects had been launched in the Hungarian-Uzbek startup programme, a joint industrial cooperation has been set up for 2022-2023, and OTP Bank has signed an agreement to purchase Uzbekistan’s fifth biggest bank, Ipoteka Bank. Nagy announced that a Hungarian-Uzbek Private Equity Fund will be established in the third quarter of 2023 with an initial capital of 50 million dollars, which could be expanded to 200 million dollars later on. The fund will support Hungarian market players operating in Uzbekistan, including joint ventures.
The event was attended by Uzbek President Shavkat Mirziyoyev, Muhammed Salaiman Al Jasser, the CEO of the Islamic Development Bank, Olga Algayerova, Executive Secretary of the UN Economic Commission for Europe, Suhail Mohammed Al Mazroui, Minister of Eenergy of the United Arab Emirates, and Akylbek Zhaparov, Chairman of the Cabinet of Ministers of Kyrgyzstan.