The strategic partnership between Hungary and Kazakhstan provides a great opportunity for discussing global economic challenges, Minister for National Economy Mihály Varga said at the latest session of the Hungarian-Kazakh Strategic Council in Budapest. “We must have an overview of strategic issues that concern cooperation between our countries and define future priorities,” he stressed.

Hungary offers stable economic environment, skilled labour and a great logistics position for Kazakh enterprises, the Minister added. The fact that the rate of corporate income tax was reduced to 9 percent last year, the lowest figure within the EU, also makes Hungary more attractive. These factors are facilitating not only positive decisions at enterprises planning to invest in Hungary but also the implementation of future capacity expansion projects by companies that are already active in the country, he stressed.

The volume of bilateral trade continued to increase last year, the Minister noted: in the period January-November 2017 it grew by more than 270 percent year-on-year. Last year was also a special one, as the two countries celebrated the 25th anniversary of the establishment of diplomatic relations. Cooperation between the countries was fruitful a various fields, he stressed, mentioning the launch of a direct Budapest-Astana flight and the organization of the Astana EXPO.

In addition, the Minister highlighted Kazakhstan’s participation in the Stipendium Hungaricum programme, under which 200 Kazakh students began their Bachelor’s, Master’s or PhD studies in the school year 2017/2018, he said.

(Ministry for National Economy)