Hungary keen to increase trade and economic co-op with Kazakhstan

Kazakhstan Materials 8 May 2024 18:03 (UTC +04:00)
Madina Usmanova
Madina Usmanova
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ASTANA, Kazakhstan, May 8. Hungary is interested in increasing trade and economic cooperation with Kazakhstan, Deputy State Secretary of the Ministry of Foreign Affairs and Trade of Hungary Adam Stifter said during the next round of Kazakh-Hungarian political consultations with Deputy Minister of Foreign Affairs of Kazakhstan, Roman Vassilenko, Trend reports.

"Hungary is committed to further enhancing trade and economic cooperation. Kazakhstan is Hungary's leading partner in Central Asia," he said.

At the same time, the parties noted an increase in bilateral trade turnover between Kazakhstan and Hungary, the volume of which in 2023 amounted to $187.6 million (an increase of 8.9 percent).

In addition, the parties reviewed the list of priority joint business projects and reached an agreement to strengthen cooperation in specific sectors of the economy, including energy, agriculture, and banking.

Moreover, Stifter and Vassilenko discussed cooperation between Kazakhstan and the EU, especially taking into account the upcoming Hungarian presidency of the EU Council in the second half of 2024.

Notably, the gross inflow of direct investment from Hungary to Kazakhstan has amounted to $320 million since 2005. At the same time, 29 legal entities, branches, and representative offices with Hungarian participation and 41 joint ventures operate in Kazakhstan.