ASTANA, Kazakhstan, November 3. Hungary is ready for further cooperation in the oil and gas industry, financial sector, green energy, and education, said the Minister of Economic Development of Hungary Marton Nagy, Trend reports.
He said this during a meeting with Minister of National Economy of the Republic of Kazakhstan Alibek Kuantyrov.
As he noted, Kazakhstan also has significant logistics potential.
The parties discussed important topics of trade, economic, and investment cooperation.
Following the conference, the parties decided to expand their cooperation in all areas of importance and to strengthen ties between the two ministries.
For the first eight months of 2023, trade volume climbed by 24.4 percent to $124.2 million (compared to $99.8 million in the same period in 2022).
Between 2005 and 2022, the gross inflow of direct investment from Hungary into Kazakhstan was $318.7 million.
In Kazakhstan today, 42 Hungarian companies (including the oil and gas business MOL and the pharmaceutical company Gedeon Richter) and 56 joint ventures operate.
As the Prime Minister of Kazakhstan Alikhan Smailov previously stated, Kazakhstan sees significant potential for increasing trade with Hungary and is ready to boost the export of Kazakh products to Hungary across 95 items worth about $700 million.