In recent years, Hungary and Kazakhstan have had steady and versatile political, economic and cultural dialogues, Minister for National Economy Mihály Varga said, who participated at the 5th plenary session of the Kazakh-Hungarian Intergovernmental Commission on Economic Cooperation in Astana. In the Kazakh capital, the Minister met with Prime Minister Bakytzhan Sagintayev, Economy Minister Kuandyk Bishymbayev and Energy Minister Kanat Bozumbayev.

Kazakhstan is our number one strategic partner in the Central Asian region, Mihály Varga announced. Both sides stressed that the recently established Hungarian-Kazakh Investment Fund and the newly formed Hungarian-Kazakh Strategic Council will be instrumental in bolstering bilateral relations. As Minister Varga added, Hungarian companies are expected to join the extraction and processing of fossil fuels in Kazakhstan, a country with rich reserves.

Mihály Varga was accompanied by more than thirty Hungarian business leaders to attend a Hungarian-Kazakh business forum. According to 2015 data, Kazakhstan is Hungary’s fourth largest trade partner within the Commonwealth of Independent States, and the largest in Central Asia, the Minister said. Hungarian banks specialized in export financing have earmarked substantial funds for Hungarian companies wishing to appear on the Kazakh market: Eximbank and MEHIB have a credit limit of USD 67.25 million and USD 166.19 million, respectively, aimed at boosting bilateral trade relations.

Speaking of future partnership options, the Minister emphasised that several Hungarian enterprises have the potential to enter the market, especially those active in the field of agriculture and agribusiness, the energy sector and engineering services, machinery and motor vehicle manufacturing, pharmaceuticals and health industry as well as tourism.

(Ministry for National Economy)