Published: November 21 2023
Hungary and Kazakhstan have set a goal to reach one billion dollars in bilateral trade turnover annually. The Finance Minister of Hungary, Mihály Varga, expressed confidence in achieving this target during the sixth meeting of the Hungarian-Kazakh Strategic Council.
Current Trade Turnover
Trade turnover between Hungary and Kazakhstan has already reached USD 465 million in the first eight months of this year. Around 240 Hungarian companies are exporting to Kazakhstan, indicating the success of the trade relationship between the two countries.
Successful Projects and Examples
Hungarian pharmaceuticals have a significant presence in the Kazakh pharmaceutical market, ranking sixth in terms of sales. Additionally, Hungarian companies have provided blood and urine analysis equipment to the largest private laboratories in Kazakhstan. For example, last year, a Hungarian company specializing in this field sold tools worth USD 1,150,000 to Kazakhstan. The Hungarian government's decision to open up to the East in 2010 has proven to be a successful economic policy, especially considering the new opportunities arising from the Russian-Ukrainian war.
Collaboration in Technology and Agriculture
Hungarian and Kazakh companies have agreed on the application of Hungarian technologies in Kazakhstan. They have also planned the implementation of a model fish farm in Kazakhstan, showcasing the collaboration and potential in these sectors.
The Hungarian-Kazakh trade relationship is growing steadily, with a target of reaching one billion dollars in bilateral trade turnover annually. The success of current projects and the collaboration in technology and agriculture are indicators of the positive direction in which the trade relationship is heading.
Questions & Answers
What is the goal for bilateral trade turnover between Hungary and Kazakhstan? The goal is for bilateral trade turnover to reach one billion dollars per year as soon as possible.
Who co-chairs the Hungarian-Kazakh Strategic Council? The Hungarian-Kazakh Strategic Council is co-chaired by Kazakh Foreign Minister Murat Nurtleu and Hungarian Finance Minister Mihály Varga.
How much did trade turnover reach between Hungary and Kazakhstan in the first eight months of this year? Trade turnover reached USD 465 million in the first eight months of this year.
How many companies registered in Hungary are already exporting to Kazakhstan? Around 240 companies registered in Hungary are already exporting to Kazakhstan.
Which Hungarian sector ranks sixth in the Kazakh pharmaceutical market in terms of sales? Hungarian pharmaceuticals rank sixth in the Kazakh pharmaceutical market in terms of sales.
What Hungarian company specializes in blood and urine analysis equipment and sold tools to Kazakhstan last year? A Hungarian company specializing in blood and urine analysis equipment sold USD 1,150,000 worth of tools to Kazakhstan last year.
When did the Hungarian government announce its policy of opening up to the East? The Hungarian government announced its policy of opening up to the East in 2010.
What opportunities are expected to arise from the difficulties caused by the Russian-Ukrainian war? The difficulties caused by the Russian-Ukrainian war are expected to open up new opportunities, particularly in the role of Central Asia and the Caucasus region in trade between China and Europe.