Issues of attracting investments to Uzbekistan from Hungary and other European countries were discussed in Budapest

In order to ensure the implementation of the agreements reached at the high-level meetings, the Ambassador of Uzbekistan Abat Fayzullaev met with the Deputy Chief Executive Officer of the Hungarian “OTR” Bank, co-chairman of the Hungarian-Uzbek Business Council Laszlo Wolf, the correspondent of “Dunyo” news agency reports.

Laszlo Wolf said that the privatization of the Uzbek “Ipoteka-bank” by the “OTR” bank is beneficial to both parties. In his opinion, the access of the Hungarian bank to the banking and financial area of Uzbekistan will serve the cause of expanding mutual investment and trade ties between the business circles of the two countries. It will also allow attracting to Uzbekistan not only Hungarian, but also other leading European companies – clients of “OTR” Bank.

It was reported that as the first steps of the Hungarian bank in Uzbekistan, it is planned to implement new innovative projects, in particular, focus on the digitalization of banking services, as well as the introduction of banking products and services aimed at the younger generation, taking into account the fact that the majority of the population of Uzbekistan is young people.

Currently, “OTR” Bank is working on a project to create a large joint fund in cooperation with the Direct Investment Fund of Uzbekistan (UzDIF). In addition to the funds of the two parties, it is planned to attract financial resources of the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) to this project. It was stated that the joint fund was created to finance the activities of business entities in Uzbekistan, to provide financial support to promising companies wishing to expand their activities.

Work is also underway to organize a conference dedicated to Uzbekistan this year in Budapest for large clients of “OTR” Bank and leading European companies. The upcoming event will demonstrate the economic and investment potential of Uzbekistan, as well as discuss promising areas for investing in the republic in cooperation with “OTR” Bank.