Hungarian Deputy PM Mihály Varga Visits Kazakhstan to Boost Trade and Investment

NUR-SULTAN – Hungarian Deputy Prime Minister – Minister of Finance Mihály Varga is on an official visit to Kazakhstan, where he took part in the fifth meeting of the Kazakh-Hungarian Strategic Council that gathered 50 Hungarian business leaders. As part of his visit, he also met with President Kassym-Jomart Tokayev and Prime Minister Askar Mamin.

Varga was awarded the Dostyk (friendship in Kazakh) Order in recognition of his contribution to the development of Kazakh-Hungarian cooperation. Photo credit: Akorda

The volume of trade between Kazakhstan and Hungary in the seven months of 2021 amounted to $79 million, said Kazakh Minister of the National Economy Aset Irgaliev during the forum. There are currently 29 companies with Hungarian capital and 41 joint ventures working in Kazakhstan. Over the past 10 years, Hungary has invested $226 million into the Kazakh economy and $14.6 million in the first half of 2021. 

“We work closely within the Intergovernmental Commission on Economic Cooperation, the Cooperation Council of the Turkic-speaking States, and the Kazakh-Hungarian Strategic Council. These are effective platforms for the development of bilateral economic cooperation,” said Irgaliyev. 

Irgaliyev spoke about the current economic situation in Kazakhstan saying that economic growth reached 3.4 percent in the first nine months of 2021.

“We consider Kazakhstan to be a country that has achieved tremendous economic results. We are very happy about our bilateral contacts. Hungary will continue to be open to Kazakhstan and is looking for opportunities for economic cooperation,” said Varga.

Kazakhstan offered the Hungarian partners a proposal to start creating joint high-tech enterprises in Kazakhstan with the goal of targeting the Eurasian Economic Union, a market with a population of over 180 million people.

“Hungary is one of the key partners of Kazakhstan among the countries of Eastern Europe. We have an extensive legal framework and stable trade and economic relations. I am confident that the implementation of the agreements reached will strengthen the foundation of our economic cooperation, and in the future raise our relations to a higher level,” said the minister. 

The representatives of Kazakh and Hungarian business community gathered in Nur-Sultan to boost economic ties. Photo credit: Kazakh National Economy

Following the meeting, Kazakh Invest Deputy Chair Zhandos Temirgali signed a tripartite memorandum of cooperation with Globalia Kft and ANM Group that envisioned the construction of a solar power plant worth $50 million with an annual production capacity of up to 500 MW. 

Kazakh and Hungarian businesspeople also had a chance for face-to-face meetings to discuss cooperation in agriculture, energy, construction, chemical industry, and mechanical engineering.

During Varga’s meeting with President Tokayev, the sides discussed prospects for the development of bilateral relations in trade and economic, financial, investment, cultural, and humanitarian spheres as well as measures to tackle the pandemic and climate change.

Varga said that despite the current uncertain situation in the world, Kazakh-Hungarian relations have been able to maintain their activity and dynamism. He said that his country is looking forward to the visit of President Tokayev in the near future. 

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