The official visit of President Shavkat Mirziyoyev to Hungary began with a high-level business forum in Budapest, where he met with executives of Hungary’s leading companies and banks. The president outlined a new agenda to strengthen economic ties and deepen industrial cooperation between Uzbekistan and Hungary.
Among the participants were top managers and founders of OTP Bank, BDPST Group, 4iG, Indotek, MVM, Duna Group, MOL Group, H2O Consortium, Inpark, Wizz Air, and several others. In his address, President Mirziyoyev highlighted the symbolic significance of beginning the visit with a meeting focused on economic collaboration.
The Uzbek leader noted the rapid growth of Hungarian investment in Uzbekistan, pointing to OTP Bank’s acquisition of one of the country’s largest financial institutions as a major step forward. He welcomed the bank’s upcoming plans to launch a joint venture in auto lending, introduce a business financing program, and develop a poultry production cluster.
To further support European investment, President Mirziyoyev pointed out the special industrial zone currently being established in the Tashkent region. This zone, aimed at facilitating industrial cooperation and technology transfer, will be managed by Hungary’s Inpark.
The president identified key priorities for expanding the partnership, including co-financing joint ventures, promoting exports to third-country markets, and improving transport connectivity. He stressed the need for increased freight traffic and the development of direct air links between Uzbekistan and Hungary.
Head of the state also praised the growing interest of Hungarian businesses in Uzbekistan’s market and welcomed proposals in sectors such as infrastructure modernization, logistics, utilities, building materials, textiles, chemicals, and pharmaceuticals.
Agreements were reached on launching new collaborative projects, and a formal ceremony was held to exchange documents for priority investments in the presence of the Uzbek leader.
“We will create all conditions for the development of strong ties between the business circles of our countries,” President Mirziyoyev said, proposing to hold such meetings on a regular basis to sustain momentum in bilateral economic cooperation.
Since the introduction of Hungary’s Eastern Opening policy, trade with Uzbekistan has increased fourfold over 13 years. Notably, two-thirds of this growth happened after 2018, when bilateral cooperation deepened within the Organization of Turkic States (OTS). Between 2018 and 2023, trade volume tripled, highlighting the effectiveness of strategic collaboration. Uzbekistan’s expanding consumer market and favorable business environment continue to attract Hungarian companies.
Reported by Daryo (Uzbekistan).
Uzbekistan has seen the creation of 1.1mn new jobs across the country in just over four months this year, according to Nilufar Amanniyazova, Deputy Head of the Labour Inspectorate of the Ministry of Employment.
The majority of these new positions have emerged in key sectors such as agriculture, construction, services, and...
Uzbekistan has seen the creation of 1.1mn new jobs across the country in just over four months this year, according to Nilufar Amanniyazova, Deputy Head of the Labour Inspectorate of the Ministry of Employment.
The majority of these new positions have emerged in key sectors such as agriculture, construction, services, and...
Migrant workers sent $3.3bn to Uzbekistan in the first quarter of 2025, marking an $800mn increase compared to the same period in 2024, the Central Bank of Uzbekistan reported in its latest Monetary Policy Review.
This represents an annual growth rate of nearly 32%, driven by stronger currencies among major trading partners and...
Migrant workers sent $3.3bn to Uzbekistan in the first quarter of 2025, marking an $800mn increase compared to the same period in 2024, the Central Bank of Uzbekistan reported in its latest Monetary Policy Review.
This represents an annual growth rate of nearly 32%, driven by stronger currencies among major trading partners and...
As part of its 17th sanctions package against Russia, the European Union has imposed restrictions on 75 individuals and legal entities.
The sanctions target those involved in actions undermining or threatening the territorial integrity, sovereignty, and independence of Ukraine.
In addition to Russian companies, the restrictions affect enterprises from Serbia, the UAE,...
As part of its 17th sanctions package against Russia, the European Union has imposed restrictions on 75 individuals and legal entities.
The sanctions target those involved in actions undermining or threatening the territorial integrity, sovereignty, and independence of Ukraine.
In addition to Russian companies, the restrictions affect enterprises from Serbia, the UAE,...
The World Bank’s Board of Executive Directors has approved a $35mn concessional credit to help Uzbekistan improve how it collects and uses geospatial data, following global best practices. The project aims to advance digitalization in public service delivery and promote sustainable territorial development. The government of Uzbekistan will contribute approximately $5.7mn in...
The World Bank’s Board of Executive Directors has approved a $35mn concessional credit to help Uzbekistan improve how it collects and uses geospatial data, following global best practices. The project aims to advance digitalization in public service delivery and promote sustainable territorial development. The government of Uzbekistan will contribute approximately $5.7mn in...
On 19 May, Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov held a meeting with representatives from the World Bank and the Asian Development Bank (ADB). The delegations were led by Tatiana Proskuryakova, World Bank Regional Director for Central Asia, and Kanokpan Lao-Araya, ADB Country Director for...
On 19 May, Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov held a meeting with representatives from the World Bank and the Asian Development Bank (ADB). The delegations were led by Tatiana Proskuryakova, World Bank Regional Director for Central Asia, and Kanokpan Lao-Araya, ADB Country Director for...
Deputy Minister of Agriculture of Uzbekistan Akmal Kasimov held a meeting with members of a delegation led by Austria’s Deputy Minister of Finance Andreas Reichhardt.
During the meeting, the current state and prospects of bilateral cooperation were discussed in detail. Akmal Kasimov highlighted the friendly relations between Uzbekistan and Austria and...
Deputy Minister of Agriculture of Uzbekistan Akmal Kasimov held a meeting with members of a delegation led by Austria’s Deputy Minister of Finance Andreas Reichhardt.
During the meeting, the current state and prospects of bilateral cooperation were discussed in detail. Akmal Kasimov highlighted the friendly relations between Uzbekistan and Austria and...
During his visit to the Hungarian capital Budapest, Uzbekistan’s Minister of Agriculture, Ibrokhim Abdurakhmonov, held a meeting with Robert Laczkó, head of the company ZKI LTD.
The two sides discussed establishing cooperation in the supply of vegetable seeds to Uzbekistan and the implementation of joint projects.
Special emphasis was placed on fostering...
During his visit to the Hungarian capital Budapest, Uzbekistan’s Minister of Agriculture, Ibrokhim Abdurakhmonov, held a meeting with Robert Laczkó, head of the company ZKI LTD.
The two sides discussed establishing cooperation in the supply of vegetable seeds to Uzbekistan and the implementation of joint projects.
Special emphasis was placed on fostering...
Export restrictions on meat products imposed by neighboring countries have driven up meat prices in Uzbekistan, according to the Central Bank’s monetary policy report for the first quarter of 2025.
Last autumn, Kazakhstan introduced a six-month ban on the export of breeding stock of both large and small ruminants, effective from...
Export restrictions on meat products imposed by neighboring countries have driven up meat prices in Uzbekistan, according to the Central Bank’s monetary policy report for the first quarter of 2025.
Last autumn, Kazakhstan introduced a six-month ban on the export of breeding stock of both large and small ruminants, effective from...
Uzbekistan plans to complete 312 projects worth $2.4bn by the end of 2025 in its building materials industry, aiming to create 16,000 high-income jobs, boost production to UZS 53 trillion ($4.1bn), and increase exports to $1.2bn.
These goals were presented to President Shavkat Mirziyoyev on May 19 during a briefing on the sector’s...
Uzbekistan plans to complete 312 projects worth $2.4bn by the end of 2025 in its building materials industry, aiming to create 16,000 high-income jobs, boost production to UZS 53 trillion ($4.1bn), and increase exports to $1.2bn.
These goals were presented to President Shavkat Mirziyoyev on May 19 during a briefing on the sector’s...
Under the government-approved programs for 2025–2026, Uzbekistan plans to implement 346 projects with a total value of US$3.6 billion. These initiatives are expected to create approximately 19,400 new jobs across various regions of the country, according to the Uzpromstroymaterialy Association.
Between January and April 2025, enterprises in the construction sector produced...
Under the government-approved programs for 2025–2026, Uzbekistan plans to implement 346 projects with a total value of US$3.6 billion. These initiatives are expected to create approximately 19,400 new jobs across various regions of the country, according to the Uzpromstroymaterialy Association.
Between January and April 2025, enterprises in the construction sector produced...
The Ministry of Transport has once again extended the application deadline for the tender to construct the Tashkent–Andijan toll highway by an additional month. The announcement was published on the ministry’s official Telegram channel.
The tender is being organized by the Ministry of Economic Development and Finance in cooperation with the...
The Ministry of Transport has once again extended the application deadline for the tender to construct the Tashkent–Andijan toll highway by an additional month. The announcement was published on the ministry’s official Telegram channel.
The tender is being organized by the Ministry of Economic Development and Finance in cooperation with the...
Online marketplace Wildberries has launched a new courier delivery service from pickup points (PVs) in Uzbekistan for the first time, according to a press release from the joint company Wildberries & Russ.
Previously available only to users in Russia and Belarus, the service now enables customers in Uzbekistan to request courier...
Online marketplace Wildberries has launched a new courier delivery service from pickup points (PVs) in Uzbekistan for the first time, according to a press release from the joint company Wildberries & Russ.
Previously available only to users in Russia and Belarus, the service now enables customers in Uzbekistan to request courier...
Numerous incidents in freight transportation are linked to improper container packaging — including inadequate cargo securing, overloading, and incorrect declaration of contents.
Such errors cause serious concern, as civilians and transport-logistics workers who do not oversee the packaging process often become victims of accidents.
Poor packaging practices — particularly regarding load distribution,...
Numerous incidents in freight transportation are linked to improper container packaging — including inadequate cargo securing, overloading, and incorrect declaration of contents.
Such errors cause serious concern, as civilians and transport-logistics workers who do not oversee the packaging process often become victims of accidents.
Poor packaging practices — particularly regarding load distribution,...
Experts from the Institute for Macroeconomic and Regional Studies (IMRS) under the Cabinet of Ministers of the Republic of Uzbekistan have analyzed the profitability of investments in multi-story residential real estate in Tashkent.
Given limited land resources and a growing population, real estate investments offer not only property ownership but also...
Experts from the Institute for Macroeconomic and Regional Studies (IMRS) under the Cabinet of Ministers of the Republic of Uzbekistan have analyzed the profitability of investments in multi-story residential real estate in Tashkent.
Given limited land resources and a growing population, real estate investments offer not only property ownership but also...
The Asian Development Bank (ADB) will provide advisory support to the Ministry of Health and the Ministry of Economy and Finance of Uzbekistan in implementing a Public-Private Partnership (PPP) program for the operation and management of highly specialized hospitals in Tashkent.
The initiative aims to transform five specialized hospitals into modern,...
The Asian Development Bank (ADB) will provide advisory support to the Ministry of Health and the Ministry of Economy and Finance of Uzbekistan in implementing a Public-Private Partnership (PPP) program for the operation and management of highly specialized hospitals in Tashkent.
The initiative aims to transform five specialized hospitals into modern,...
Russia’s High School of Economics (HSE) Institute for Statistical Research and Economics of Knowledge (ISREK) has published an analysis of industrial output data over the past five years.
According to Rosstat, total shipped goods and services in 2024 reached 124.4 trillion rouble rouble, up 10.8% in nominal terms and 1.4% in...
Russia’s High School of Economics (HSE) Institute for Statistical Research and Economics of Knowledge (ISREK) has published an analysis of industrial output data over the past five years.
According to Rosstat, total shipped goods and services in 2024 reached 124.4 trillion rouble rouble, up 10.8% in nominal terms and 1.4% in...
On May 20, Russian markets fell after a brief rally the day before. The downturn followed inconclusive results from a much-anticipated phone call between the Russian and U.S. presidents, which failed to produce any breakthrough on Ukraine.
The Moscow Exchange index dropped by 2.05% to 2,823.4 points, and the RTS dollar...
On May 20, Russian markets fell after a brief rally the day before. The downturn followed inconclusive results from a much-anticipated phone call between the Russian and U.S. presidents, which failed to produce any breakthrough on Ukraine.
The Moscow Exchange index dropped by 2.05% to 2,823.4 points, and the RTS dollar...
The recent phone call between U.S. and Russian presidents generated high market interest but fell short of expectations. The IMOEX2 index briefly rose above 2,900 points before retreating to 2,875. Volatility was driven by traders adjusting positions in response to geopolitical signals.
Despite positive sentiment around dialogue, the market has grown...
The recent phone call between U.S. and Russian presidents generated high market interest but fell short of expectations. The IMOEX2 index briefly rose above 2,900 points before retreating to 2,875. Volatility was driven by traders adjusting positions in response to geopolitical signals.
Despite positive sentiment around dialogue, the market has grown...
The Russian government has recommended that shipping giant Sovcomflot forgo dividend payments for 2024. The directive, signed by Prime Minister Mikhail Mishustin, instructs the Finance Ministry, Ministry of Transport, and Federal Property Agency to issue formal recommendations at upcoming board meetings.
Following the announcement, Sovcomflot shares dropped 4.5%.
Reported by
The Russian government has recommended that shipping giant Sovcomflot forgo dividend payments for 2024. The directive, signed by Prime Minister Mikhail Mishustin, instructs the Finance Ministry, Ministry of Transport, and Federal Property Agency to issue formal recommendations at upcoming board meetings.
Following the announcement, Sovcomflot shares dropped 4.5%.
Reported by Finam (Russia).
...Russia’s salmon catch could reach 311,700 tonnes in 2025, up from 235,000 tonnes in 2024, according to the Russian Federal Research Institute of Fisheries and Oceanography (VNIRO). However, this is still far below the 2023 catch of 609,000 tonnes.
Regional forecasts for 2025:
• Kamchatka: 199,250 tonnes
• Sakhalin: 62,190 tonnes
• Khabarovsk: 36,380...
Russia’s salmon catch could reach 311,700 tonnes in 2025, up from 235,000 tonnes in 2024, according to the Russian Federal Research Institute of Fisheries and Oceanography (VNIRO). However, this is still far below the 2023 catch of 609,000 tonnes.
Regional forecasts for 2025:
• Kamchatka: 199,250 tonnes
• Sakhalin: 62,190 tonnes
• Khabarovsk: 36,380...
