Kazakhstan Aims for $700 Million Export Boost with Hungary

Deputy Prime Minister and Minister of Foreign Affairs of the Republic of Kazakhstan Murat Nurtleu arrived in Hungary on an official visit to attend the sixth meeting of the Kazakh-Hungarian Strategic Council. The Hungarian side was co-chaired by Finance Minister Mihály Varga, reports.

The two sides discussed current issues of bilateral relations in the political, trade, economic, investment, cultural and humanitarian spheres. They identified “points of contact” of national interests in areas such as energy, industry, transport and logistics, water resources management and innovation, agriculture, education and tourism.

The heads of delegations noted that Kazakh-Hungarian cooperation in the trade and economic sphere is the main driver of the strategic partnership between the two countries. They agreed to effectively use the potential of the Intergovernmental Commission on Economic Cooperation and intensify interaction between the business circles of Kazakhstan and Hungary.

Minister Nurtleu emphasized the importance of implementing practical steps to expand the full range of cooperation between Astana and Budapest. He stated that Kazakhstan has no unresolved issues with Hungary thanks to close and trusting contacts at the political level, fruitful cooperation between business circles, and strong cultural and interpersonal ties.

Finance Minister Varga reaffirmed Hungary’s commitment as a reliable partner of Kazakhstan in the European Union. He expressed support for political and economic reforms in Kazakhstan and readiness to further actively develop the partnership between the two countries.

The parties also discussed the practical implementation of the agreements reached during the visit of Hungarian Prime Minister Viktor Orban to Kazakhstan. They agreed to join forces in implementing large joint projects and diversifying and increasing mutual trade. Kazakhstan confirmed its intention to increase the range of export goods by 95 items, amounting to about 700 million US dollars.

Trade turnover between Kazakhstan and Hungary for 2022 amounted to 172 million US dollars. For the first nine months of 2023, trade increased by 22% compared to the same period last year, reaching $140 million.


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