Hungarian Conservative

As Hungary holds the presidency of the Council of the EU, it can leverage its influence to set the EU’s agenda in favour of increased imports of Turkmen gas, presenting it as a strategic and cost-effective alternative to Russian energy dependence. This would not only support Hungary’s energy strategy but also align with the broader EU goals of securing diverse and reliable energy sources while enhancing its presence in the geopolitically significant Central Asian region.

The strengthening of bilateral relations has led to increased participation of Hungarian companies in Uzbekistan. A notable instance of this involvement is the successful acquisition by OTP Bank of a majority share in Ipoteka Bank, the fifth largest bank in Uzbekistan, in December 2021. This year’s Business Forum in Tashkent further deepened the participation of Hungarian companies in the Uzbek market through 137 business-to-business (B2B) and government-to-business (G2B) meetings. These meetings spanned several sectors, including banking, finance, agriculture, transport and logistics, mechanical engineering, pharmaceuticals, and water management, among others.

‘Hungary insists on following its own path: it stands up for its sovereignty, it defends families, its borders, and its economy. At the same time, it is open to the world, and wants to engage with all players around the globe, which includes skilfully attracting investments from the East, including Asia. But it does not want to lecture other countries; it does not want to be on bad terms with other countries, and it does not want to get into ideological debates. It wants growth, it wants security, and it wants peace.’

Hungary can play a key role in potentially warming EU–Türkiye relations. This can be achieved through agenda-setting during Hungary’s presidency of the Council. One such topic could be the modification of the illegal migration prevention deal to tighten regulations and increase financial support to Türkiye.

From the inception of post-Soviet Hungary, East Asian relations have been oriented towards trade as well as knowledge and information exchange. With the opening up of the Hungarian economy, foreign direct investment (FDI) began to flow in from Taiwan, China, and India, and was widely distributed over a diverse range of sectors including finance, retail, mining, and those that this article focuses on: automotive manufacturing and logistics.