Agreements worth a total of some 40 million dollars were signed in Ulan Bator – Minister of Foreign Affairs and Trade Péter Szijjártó told Hungarian reporters in the Mongolian capital on Monday.

These agreements create opportunities for Hungarian companies to establish a presence on the Mongolian market.

Péter Szijjártó highlighted the $25 million agreement that enables Hungarian companies to modernise the country's largest agro-pharmaceutical factory, which was also originally built by Hungarian companies decades ago and produces vaccines for the country’s 60 million livestock.

We see this investment as a gate through the large Mongolian market, which means opportunity to vaccinate, process and export all Mongolian livestock, and which may result in further construction and animal health-related market opportunities for Hungarian enterprises, the Minister stressed

The Minister also talked about the $10 million contract signed by the Hungarian Banknote Printing Company, within the framework of which the company will manufacture Mongolian electronic passports and which is a further opportunity for a Hungarian company to establish a foothold on a significant market.

Thanks to the agreement between Budapest Waterworks and the Ulan Bator water authority, the Hungarian company will assess Ulan Bator’s water supply system and the possibilities for its modernization in the upcoming period. Thanks to the excellent references that Budapest Waterworks has accumulated via successful contracts worldwide, following Ulan Bator it could in future realise the management and operation of the whole Mongolian water and sewage system up to a value of tens of millions of dollars, the Minister told the press.

(Ministry of Foreign Affairs and Trade/MTI)