“The countries of the Turkic Council have decided to establish an investment fund, which Hungary will also be joining”, Minister of Foreign Affairs and Trade Péter Szijjártó announced on his Facebook page on Wednesday after taking part in a video conference with the body’s ministers of economy and trade.

“Via the new fund, we will be able to finance investment and development projects in the member states and Hungary, primarily within the fields of the food industry, agriculture and infrastructure development”, Mr. Szijjártó said. “The importance of the fund is increased by the fact that Turkey is also participating in it”, the Minister highlighted, adding that Ankara’s goal is to become one of the world’s 10 strongest economies within the near future.
Mr. Szijjártó said he had thanked the member countries of the Turkic Council for having provided major assistance towards the success of Hungary’s healthcare protection efforts in recent weeks. Uzbekistan sent 650 thousand face masks to Hungary, while Kazakhstan and Azerbaijan also sent 100 thousand and 40 thousand face masks, respectively. In addition, Turkey authorised the export to Hungary of 8 tons of raw materials needed for the domestic production of face masks.
“This meeting of economy ministers was particularly important in view of the fact that the global pandemic is not only having serious health-related effects, but also major economic effects”, he highlighted. “Nothing in the global economy will be like it was prior to the global pandemic”, the Minister emphasised, adding: “A major restructuring may be seen within the global economy”. “This is clearly indicated by the fact that states are acquiring the equipment they require for healthcare protection from the East, and practically all of the world’s countries are standing in line to acquire equipment for the Far East, and primarily from China”, he stated.
“This process, the strengthening of the Eastern region, had already begun prior to the global pandemic. In 2007, 81 percent of global investment was financed by Western capital, but by last year the ratio of investment being financed using Eastern capital had increased to 58 percent, while only 40 percent were financed by Western Capital”, Mr. Szijjártó added.
The Minister also reported on the fact that over the past ten years Hungary has doubled its trade flow with the countries of the Turkic Council. “In the interests of enabling Hungarian businesses to develop as profitable and as favourable a cooperation as possible with the enterprises of these economies, a credit line of 707 million dollars is available to Hungarian enterprises at Hungary’s EximBank. By providing this, the government is helping Hungarian businesses to stand their ground, realise investment projects and sell their products and services on the markets of the countries of the Turkic Council”, he explained.
“Hungary is also taking part in the work of the Turkic Chamber of Commerce and Industry, the significance of which lies in the fact that this is where enterprises from the Turkic countries can most easily build relations. Cooperation with the enterprises of the Turkic countries represents a major market opportunity for Hungarian enterprises”, Mr. Szijjártó emphasised.
The Minister also mentioned that the Turkic Council’s European representation can be found in Budapest. “A major business forum had been planned in the Hungarian capital in early April, and the event was postponed in view of the coronavirus situation, but everyone agreed that as soon as the circumstances enable it, we will be holding the event”, he explained.
Mr. Szijjártó said the ministers had also agreed that the restrictive measures introduced at borders and in countries cannot lead to a slowdown of the international trade in goods, or make it impossible. “It is in everyone’s interests to assure the freedom, rapidity and unhindered nature of the international trade in goods. If we were to fail to do so, we would be endangering the security of supply of our countries”, he declared. With relation to this, the Hungarian Foreign Minister said it was a significant step forward that the drivers of heavy goods vehicles who are Hungarian citizens will now also be able to enter Turkey for three days.

(MTI)