Uzbekistan continues to strengthen its strategic partnership with Hungary, with a focus on expanding trade, economic, and investment cooperation. A new milestone in this direction is the adoption of a presidential decree introducing additional incentives and preferences for Hungarian and European investors within the newly established Uzbekistan–Hungary Special Industrial Zone (SIZ), located in the Akhangaran district of Tashkent region.
Within the framework of the Intergovernmental Commission on Economic Cooperation, a number of strategic projects are being implemented in pharmaceuticals, agriculture, engineering, and the hospitality industry. Key initiatives include the privatization of Ipoteka Bank by Hungary’s OTP Bank and the launch of poultry cluster projects.
The presidential decree aims to create highly favorable conditions for Hungarian businesses in Uzbekistan. Key preferences include:
- Tax incentives for a period of 10 years in accordance with the Law on Special Economic Zones;
- Autonomy granted to the management company in the allocation of investors;
- State commitment to provide external infrastructure for the SIZ.
The decree also approves a key document – the Investment Agreement between Uzbekistan and the Hungarian company Inpark.
In addition, an Administrative Council chaired by the Prime Minister of Uzbekistan has been established to ensure the timely implementation of projects related to engineering, communications, and road infrastructure within the Special Industrial Zone.
These measures are designed to stimulate foreign direct investment, accelerate the development of industrial cooperation, and boost exports and job creation. The initiative is also expected to enhance production capacity in pharmaceuticals, agriculture, and high-tech industries.
The Uzbekistan–Hungary Special Industrial Zone is poised to become a flagship of Uzbek-Hungarian economic cooperation, reflecting Uzbekistan’s openness to foreign investment and its commitment to fostering a predictable and business-friendly environment.
