COMPARATIVE ANALYSIS OF FOREIGN DIRECT INVESTMENT BETWEEN HUNGARY AND UZBEKISTAN

Сравнительный анализ прямых иностранных инвестиций между Венгрией и Узбекистаном

Abstract

This paper compares Foreign Direct Investment (FDI) in Hungary and
Uzbekistan—two transition economies with contrasting paths and geopolitical contexts. Hungary,
an EU member since 2004, has become a mature FDI hub with over $100 billion in accumulated
stock, mainly in automotive, electronics, and business services. Uzbekistan, after major reforms
launched in 2017, is a fast-liberalizing emerging market that has improved its investment climate
through currency and legal reforms. Using data from UNCTAD, the World Bank, and national
sources, the study analyses inflows, sectors, policy frameworks, and institutional quality. Results
show Hungary as an innovation-driven, EU-integrated economy, while Uzbekistan is a resourcerich, cost-competitive destination with strong growth prospects. The paper highlights institutional
differences, learning opportunities, and policy needs—innovation for Hungary, institutional
consolidation for Uzbekistan, and greater transparency and sustainability for both.