Tashkent, Uzbekistan (UzDaily.com) — On 18 March, Uzbekistan’s Minister of Investments, Industry, and Trade Laziz Kudratov met with a delegation from the Hungarian OTP Group and participated in the signing ceremony of several bilateral agreements related to a large-scale investment project with a company within the group.

The Uzbek delegation was led by Deputy Prime Minister Jamshid Khodjaev, while the Hungarian side was represented by OTP Green CEO Gergely Pokos.

During the talks, both parties discussed key issues of Uzbek-Hungarian cooperation, measures to create favorable conditions for foreign investors in Uzbekistan, and mechanisms to support international businesses operating in the country.

It was noted that bilateral relations are strengthening due to an established high-level political dialogue. Hungarian investors continue to trust Uzbekistan, as evidenced by the agreements and contracts worth US$1.3 billion signed during President Shavkat Mirziyoyev’s official visit to Hungary in October 2022.

Trade between the two countries primarily consists of textile products, food items, pharmaceuticals, and mechanical and electrical equipment. As of October 1, 2024, Uzbekistan hosts 12 Hungarian-capital enterprises, including seven joint ventures and five fully foreign-owned companies.

Key investment projects include the privatization of Ipoteka Bank by Hungary’s OTP Bank and the establishment of a high-tech pharmaceutical plant in partnership with Meditop Pharmaceuticals, among others.

The discussions also focused on the large-scale poultry cluster project in the Syrdarya region. Following a thorough review of the project’s key aspects, the parties proceeded with an official document exchange. Signed agreements included an Investment Agreement, a land lease contract for the Syrdarya region, and foundational agreements with Uzbekistan’s Direct Investment Fund.

The project, implemented by ZA-Invest Poultry (a subsidiary of OTP Group) and financed by OTP Green Fund, involves the construction of eight poultry farms, an incubation facility, a slaughterhouse, a processing plant, a feed mill, cold storage facilities, and administrative buildings on a 130-hectare site. The cluster is designed to produce 16 million broiler chickens and 120,000 tons of compound feed annually.