Published: November 20 2023
Hungary and Kazakhstan are working together to strengthen their trade relations, with the goal of increasing bilateral trade turnover to $1 billion annually. The Finance Minister of Hungary, Mihály Varga, expressed confidence in achieving this goal during a meeting of the Hungarian-Kazakh Strategic Council.
Key Factors Driving Trade Growth
Several factors are contributing to the growth of trade between Hungary and Kazakhstan. Currently, there are 240 companies registered in Hungary that export goods to Kazakhstan, providing a solid foundation for achieving the desired trade turnover. Additionally, successful projects such as Hungarian energy company MOL's upcoming gas extraction project in northern Kazakhstan and Hungarian companies making strides in Kazakhstan's health industry are positive indicators of progress in the right direction. For example, Hungarian distributors exported equipment to Kazakhstan's largest private laboratories, which were used for testing urine and blood samples, resulting in $1.2 million in exports last year.
Areas of Collaboration
During the meeting, representatives from both countries signed cooperation agreements focused on the application of Hungarian technologies and the establishment of a fish farming pilot project in Kazakhstan. These initiatives aim to further enhance trade relations and promote mutually beneficial economic growth.
Strengthening Cultural Ties
In addition to focusing on trade, the bond between Hungary and Kazakhstan is also evident in cultural exchanges. For instance, Budapest celebrated Kazakhstan Republic Day in October, highlighting the close relationship between the two nations and fostering a sense of cultural understanding and appreciation.
Future Prospects
With the solid foundation of existing trade relations and the commitment to expand collaboration in various sectors, Hungary and Kazakhstan are well-positioned to achieve their goal of increasing bilateral trade turnover to $1 billion annually. This partnership not only creates economic opportunities but also strengthens the bonds between the two countries.
Questions & Answers
What is the goal for bilateral trade turnover between Hungary and Kazakhstan? The goal is to increase bilateral trade turnover to an annual 1 billion US dollars.
What was the trade turnover with Kazakhstan in the first 8 months of 2023? The trade turnover with Kazakhstan was 465 million dollars in the first 8 months of 2023.
How many companies registered in Hungary export goods to Kazakhstan? There are 240 companies registered in Hungary that export goods to Kazakhstan.
What is one example of a successful Hungarian project in Kazakhstan? One example of a successful Hungarian project in Kazakhstan is Hungarian energy company MOL's gas extraction project in northern Kazakhstan.
What industry are Hungarian companies active in in Kazakhstan? Hungarian companies are active in Kazakhstan's health industry.
How are Hungarian distributors contributing to trade with Kazakhstan? Hungarian distributors are exporting Hungarian equipment to Kazakhstan, with exports amounting to 1.2 million dollars last year.
What cooperation agreements were signed between Hungary and Kazakhstan? Representatives of Hungary and Kazakhstan signed cooperation agreements on the application of Hungarian technologies as well as setting up a fish farming pilot project there.
