Hungary looks set to tighten economic ties with Uzbekistan, Minister of Foreign Affairs and Trade Peter Szijjarto after the Hungarian-Uzbek Joint Economic Commission met in Tashkent on March 7, with executives from 29 Hungarian companies in sectors from food and farming, energy, chemical, and the pharmaceutical industry, taking part in more than 150 negotiations.

An agreement had been reached with Tashkent on the designation of a 50-hectare special economic zone for Hungarian companies in Uzbekistan. The sides are ready to triple the size of a joint fund for supporting investments to $150mn, ensuring backing for all projects.

An unnamed Hungarian company was in the "final phase of preparations" for the construction of a $165mn poultry processing plant and the presence of Hungarian lender OTP in Uzbekistan cleared the way for investments by more Hungarian companies.

Hungary is prepared to cooperate with Uzbekistan in the area of nuclear energy in the future, and has already started training local experts in the field, Szijjarto said, adding that if Uzbekistan reaches an agreement with Russia's Rosatom on the construction of a nuclear power plant (NPP), that plant will use Hungarian cooling technology, he added.

A direct flight between Budapest and Tashkent will be launched on June 30 and operate once a week at the start, Szijjarto said without naming the airline in charge of operating the flights, which will presumably be Wizz Air.

Bilateral trade reached a record $100mn last year, a fraction of the country’s $248bn trade in 2023, but the Orban government plans to enhance ties as part of its Opening to the East strategy.

Investment from China and trade with China have a "fundamental impact" on the performance of European economies, according to Szijjarto.

The trip came a couple of days before  the arrival of Chinese President Xi Jinping to Budapest for an official visit, timed for the 75th anniversary of the restoration of diplomatic ties between the two countries. The parties are expected to sign several agreements and announce a large-scale automotive investment in southern Hungary worth billions of euros.