Kazakh President, Hungarian Prime Minister Hold Press Briefing

ASTANA – President of Kazakhstan Kassym-Jomart Tokayev and Prime Minister of Hungary Viktor Orban held a briefing for media representatives on Nov. 2, following their meeting in the presidential residence, reported the Akorda press service.

President Tokayev and Prime Minister of Hungary Viktor Orban held a briefing for media representatives on Nov. 2. Photo credit: Akorda.

Tokayev spoke about the results of negotiations with Orban aimed at deepening the strategic partnership. According to him, strengthening comprehensive and practical cooperation is in the interests of both nations.

“Today, we reached important and concrete agreements, focusing on increasing the volume of bilateral trade and developing investment cooperation. In this context, it is important to increase the range of products and use new opportunities. Kazakhstan can supply Hungary with 95 goods worth nearly $700 million. There is potential to expand the export of metallurgy, petrochemicals, mechanical engineering, agriculture, and construction products,” said Tokayev.

The sides agreed on the joint implementation of major projects to intensify the investment partnership and intend to develop a list of mutually beneficial projects.

“In general, some work has already been done at the moment. By the end of the year, the large Rozhkovskoye gas condensate field in Western Kazakhstan will be put into operation, in which the participation of the MOL Hungarian oil and gas company will reach $192 million. In addition, Globalia enterprise plans to build solar power plants in several regions. The project cost is $150 million. In addition, next week, a business forum will be held in Astana with the participation of entrepreneurs from the two countries,” the President said.

The parties also discussed intensifying cooperation in transport and logistics, nuclear energy, water resources management, and mining of rare metals. According to Tokayev, the sides effectively develop business ties in finance.

“Equilibrium Capital recently received the status of a foreign fund manager in the Astana International Financial Centre. It became the first Hungarian company to achieve such high recognition. The company can finance projects in green energy and healthcare and also intends to create three investment funds in Kazakhstan,” said Tokayev.

The President also underlined significant achievements in the cultural and humanitarian sphere. Over the past ten years, with the support of the Government of Hungary, Kazakh students were able to receive educational grants.

“Many Kazakh students study at leading universities in Hungary. We have just signed a memorandum to continue this program to deepen our educational ties,” said Tokayev.

In turn, Orban recalled the decision made nine years ago to bring Kazakh-Hungarian relations to a strategic level and noted the positive dynamics of growth in bilateral trade turnover.

“Hungarians are well aware of their historical kinship with your people. Kazakhs are part of our common history. We are glad that in addition to political friendship, economic ties between our countries are also strengthening. Our country is located in Europe and is landlocked, so we export many goods. Oil is supplied to us from Russia and Kazakhstan. The volumes are still small. However, the supply route is open, and this is a crucial step from the point of view of the security of our country,” Orban emphasized. 

He expressed gratitude to Tokayev for enabling Hungarian companies to engage in collaborative initiatives within the oil and gas sector, renewable energy, and contribute to the education and training of experts in nuclear power.

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