BAKU, Azerbaijan, May 24. Kazakhstan and Hungary are eager to boost the bilateral trade turnover, Trend reports.
This was stated during the negotiations between Minister of National Economy of Kazakhstan, Alibek Kuantyrov, and Hungary's Minister of Foreign Affairs and Trade, Péter Szijjártó, as part of the 2nd EU - Central Asia Economic Forum.
During the discussions, the sides also explored the potential for increasing oil and gas supplies. Additionally, they considered prospects for expanding bilateral trade volumes. Kuantyrov emphasized that Hungary is one of Kazakhstan's key partners in Europe.
Trade between the two countries showed a growth of 19.9 percent in 2022, reaching $172.2 million.
Currently, 32 Hungarian companies and 39 joint ventures operate in various sectors, including agriculture, trade, construction, and mining, in Kazakhstan. Over the past 17 years, Hungary has invested $308 million in Kazakhstan's economy.
In addition, Kuantyrov informed his counterpart about the significance of the Trans-Caspian International Transport Route (TITR) in ensuring energy and food security, as well as the potential for electric transportation development, despite existing climate and infrastructure barriers.