During President of Uzbekistan Shavkat Mirziyoyev’s visit to Budapest, Uzbekistan and Hungary agreed on over €1.5 billion in new joint projects and outlined further cooperation in trade, finance, and culture.
President of Uzbekistan Shavkat Mirziyoyev and Hungarian Prime Minister Viktor Orbán held high-level talks in Budapest, focusing on deepening strategic partnership and expanding economic cooperation.
Both leaders confirmed the preparation of new joint initiatives and investment projects worth more than €1.5 billion. These will build on the current portfolio of over $500 million and cover sectors such as finance, infrastructure, agriculture, and manufacturing.
They discussed the growing trade turnover and set a short-term target of €500 million, supported by import substitution mechanisms and EU GSP+ trade preferences. Agreements include the accreditation of Uzbek laboratories to EU standards and the launch of pre-certification programs for exports.
Hungary’s OTP Bank was highlighted as a key partner in entering Uzbekistan’s market, with plans to establish a joint venture for auto loans and SME support. A major poultry cluster is also under development in Syrdarya region.
Further cooperation includes the planned creation of a Hungarian-managed industrial zone in Uzbekistan for European manufacturers and the adoption of an Investment Partnership Program at the upcoming Intergovernmental Commission meeting in July.
Cultural and educational exchange is also expanding, with plans to declare 2026 the Year of Uzbek and Hungarian Culture, stage the ballet Lazgi in Hungary, and exhibit Uzbek heritage in Budapest. Cooperation in higher education will continue under the Stipendium Hungaricum program, alongside potential joint degrees and university branches in Uzbekistan.
To ensure implementation, a bilateral roadmap will be developed by relevant ministries. At the close of the meeting, President Mirziyoyev invited Prime Minister Orbán to pay an official return visit to Uzbekistan.
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Kazakhstan and the European Union are bolstering their economic partnership, with a recent high-level meeting paving the way for expanded collaboration in trade, investment, and sustainable development.
The European Commission confirmed on Thursday it will postpone the implementation of new international banking regulations by a year, citing concerns over global alignment and competitiveness.
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