At a press briefing held on the occasion of the meeting of the Hungarian–Uzbek Joint Economic Committee, Foreign Minister Peter Szijjarto highlighted that we are in an era of dangers. As a result of the long-term, damaging repercussions of these crisis periods, the world is hurtling towards the formation of blocs, which is against Hungary's national interests, Mr Szijjarto stated.
Our goal is that the upcoming period should be about connectivity, not about forming blocs,
– he said.
There is a war in Europe, and it is taking place in Hungary's vicinity. Europe suffers from wartime inflation that's created wartime prices, which has an impact on both energy and food. The EU is facing serious economic challenges.
Moreover, the EU has failed in the decisions that it took in response to the war. Sanctions and embargoes on energy have hurt the people and the economy of Europe,
– he added.
In this critical situation, the importance of connectivity and cooperation between a civilized East and West is increasing. The great economic growth is in the East, not the West, and trade with China determines the performance of European economies.
The EU is losing its performance and the question is where the investment from the East will end up in Europe. This is what will determine who can be competitive, FM Szijjarto remarked.
The countries that can develop the most are those that can continue their cooperation with the East most effectively.
Connections are important for Hungary, and Central Asia has also become more important in this respect. We have been building cooperation for 14 years. Back then Hungary was severely criticized, but it turned out that we were right, Mr Szijjarto added.
Trade between Hungary and Uzbekistan has increased by 86 percent since 2010, and last year it exceeded 100 million dollars. The heads of 29 companies have also travelled to Uzbekistan. Preparations are underway to install a Hungarian pharmaceutical plant and investments targeting the Asian country's food industry are also expected. The entry of OTP Bank into the Uzbek market is also creating new opportunities, and the Uzbek government is desinating a special area for Hungarians.
Technological developments in the world economy are driving global demand for electricity. This can be served by nuclear energy.
Uzbekistan is now entering the world of nuclear development. Hungary is providing help in building the country's first nuclear power plant and in utilizing nuclear energy. The training of Uzbek nuclear experts has kicked off in Hungary, and we also reached an agreement that when the first Uzbek nuclear power plant is built, the plant's the cooling system will be supplied by a Hungarian company,
– FM Peter Szijjarto underlined, adding that direct flights between Budapest and Tashkent will resume on June 30.
Cover photo: At the foreign ministry in Budapest, Hungarian Minister of Trade and Foreign Affairs Peter Szijjarto holds a joint press conference with Kerstin Schreyer, Chair of the Economic, Regional Development, Energy, Media and Digitalization Working Group of CSU's faction in the Bavarian Parliament, on May 6, 2024 (Photo: MTI/Zoltan Balogh)
