From blockchain to nuclear energy: Hungary emerges as a key player in the tech sector, with significant implications for Uzbekistan.

When Hungary is mentioned, many people immediately think of its rich history, cultural traditions, and architectural landmarks. However, in recent decades, it has established itself not only as a nation with a rich heritage but also as a dynamic hub for modern technology and startups.

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It is particularly significant that today, the relations between Uzbekistan and Hungary are on the rise.

Technological Transformation

About 10 years ago, when the global financial crisis impacted the economy, the Hungarian authorities focused on innovative entrepreneurship, and it seems they made the right choice. Today, Hungary boasts a very high human development index, ranking 43rd out of 189 countries in the relevant rating. In terms of ease of doing business, it stands at 52nd in the world, which is quite an impressive achievement.

Hungary is actively investing in the development of technologies and startups. Budapest has become a hub of innovation, attracting numerous talented entrepreneurs and developers. One of the key driving forces of the Hungarian economy has been the push for digital transformation. This enables local companies to become competitive in the global market and attract international investors.

The country has particularly excelled in three areas. One of them is information technology: local companies play a crucial role in software development, cybersecurity, and blockchain technologies.

Hungary has also traditionally been strong in medicine. In recent years, this sector has seen additional growth due to innovative pharmaceutical and biotechnology projects.

Furthermore, Hungarian startups are actively working in the field of green technologies and sustainable development, focusing on energy-saving solutions, sustainable infrastructure, and waste recycling.

Among the Key Market Players

According to the global research center StartupBlink, Hungary's startup ecosystem ranks 39th out of 202. The most favorable conditions for new commercial projects are found in the capital, Budapest, where one-fifth of the country's population resides. There are also communities in Szeged and Debrecen.

Many Hungarian startups have already gained recognition far beyond the country's borders. Among the most successful are:

Prezi – an online platform for creating presentations. It has significantly simplified the data visualization process for millions of users worldwide;
LogMeIn – a remote access solution for computers, used in corporate environments to enhance workflow flexibility;
Tresorit – a data encryption service that focuses on protecting personal and corporate information.

A prominent example of the Hungarian technology ecosystem is the startup AImotive, which offers solutions for managing autonomous vehicles based on AI.

This project has already received investments from global giants like Robert Bosch Venture Capital and has attracted the attention of leading automakers such as Toyota. The success of AImotive confirms that Hungary is not merely following global trends but is actively shaping them, becoming a significant player in the technology market.

Strengthening Friendship

One example of successful collaboration between Hungary and foreign partners is the strategic agreement between OTP Group – the largest Hungarian financial group, and Uzbekistan. The company entered our market in 2019, acquiring 73.1% of the shares of "Ipoteka Bank."

This agreement not only strengthened the position of the Hungarian company in the Central Asian region but also paved the way for the implementation of innovative financial solutions – digital banking and electronic payments in Uzbekistan. OTP Group actively shares its experience and technologies, helping to modernize the country's financial sector.

The construction of Uzbekistan's first nuclear power plant is also expected to utilize the expertise of Hungarian specialists and the cooling technology they developed. Hungary will also assist our country in training specialists in the field of nuclear energy.

"This will be a contract worth over 100 million dollars, leading to one of the most significant energy export deliveries from Hungary in history," stated Hungarian Foreign Minister and Trade Peter Szijjarto during his visit to Tashkent in May of this year.

New Horizons

Uzbekistan, which is actively reforming its economy and digital infrastructure, can learn many valuable lessons from Hungary's experience. An important element of the country's success has been the creation of a favorable environment for startups, including tax incentives, government support, and international cooperation. In Uzbekistan, which is also making strides in this direction, partnerships with Hungarian technology companies could serve as a powerful driver for further growth.

One interesting area for collaboration could be the field of financial technologies. Hungarian companies have achieved significant success in developing payment solutions, electronic wallets, and crypto technologies. These advanced solutions could become important tools for developing the Uzbek market.

There is also potential for cooperation in the field of green technologies, which is particularly relevant for both countries in light of the global trend towards sustainable development. Hungarian startups offer numerous solutions for energy conservation and waste recycling that could be implemented in Uzbek cities and rural areas.

For Uzbek entrepreneurs and investors interested in expanding their opportunities in international markets, Hungary represents an attractive platform. Budapest, with its developed infrastructure and access to the European market, could serve as a bridge to Europe and facilitate business contacts.

Partnering with Hungarian startups not only opens new opportunities for implementing advanced technologies in Uzbekistan but also fosters mutually beneficial exchanges of knowledge and experience.

Modern Hungary is a dynamic center of technological development and innovation, which can become a strategic partner for Uzbekistan. New prospects for collaboration in this area promise to accelerate the digitalization of Uzbekistan and strengthen Hungary's position as a technological leader in the region.

Additionally, the foreign country offers unique opportunities for Uzbek businessmen contemplating establishing cooperation and implementing projects with Hungarian partners. And now, with the introduction of direct regular flights from Tashkent to Budapest, starting October 31, which will operate on Thursdays, this collaboration is becoming even more accessible, and partnership ties are growing stronger.

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