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Briefing notes

Hungary and Kazakhstan can also cooperate in the field of new technological solutions

The Eurasian region will have an even greater weight in the world economy, for which Hungary is also prepared, FM Mihály Varga said at the Hungarian-Kazakh business forum in Nur-Sultan.

As MTI reported, the minister of finance added that economic relations between Kazakhstan and Hungary have now reached a point where cooperation in the field of innovation and new technological solutions can also start in addition to trade and investment. 

The coronavirus epidemic opened new gates for Kazakh-Hungarian trade; our exports to the country increased by nearly 60 percent in 2020 mainly due to trade in high-quality Hungarian pharmaceuticals, chemicals and live animals, the minister said. Trade in goods between the two countries exceeded USD 330 million, and thanks to diplomatic meetings in recent years, many Hungarian companies have managed to achieve results in the Kazakh market, he added.

Hungary decided on the policy of opening to the East 11 years ago, the strategic significance of which has been confirmed over time, Varga declared. Hungary was able to increase its trade with Asia even last year, with exports up 10 percent to USD 6.2 billion and imports up 16 percent to USD 20 billion, he pointed out.

Within the framework of the business forum, a total of seven agreements were reached between the representatives of the Kazakh and Hungarian parties on agriculture, health, transport, urban management, green innovation and historical cooperation, the Ministry of Finance announced.

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