Kazakhstan Intends to Increase Export Volumes to Hungary by $700 Million

ASTANA – Kazakhstan is ready to increase exports to Hungary in 95 types of products worth nearly $700 million, said Kazakh Prime Minister Alikhan Smailov at a Nov. 2 meeting with Prime Minister of Hungary Viktor Orban, reported the Prime Minister’s press service.

Alikhan Smailov and Viktor Orban. Photo credit: Prime Minister’s press service.

The sides discussed the advancement of cooperation in various sectors of the economy and reviewed interaction in the energy sector, notably the development of renewable sources, prospects for the implementation of new investment projects, and aspects of restoring direct air flights between countries.

In 2022, the trade turnover between the countries increased by 24% to $172 million. This year, the countries maintain positive dynamics.

Smailov outlined excellent prospects in investment cooperation. Since 2005, Hungary has invested nearly $330 million in Kazakhstan. Nearly $75 million was invested in the Kazakh economy between 2021-2022, almost a quarter of the total volume.

Photo credit: Prime Minister’s press service.

According to Orban, Kazakhstan and Hungary have well-developed political contacts, and the sides need to pay more attention to deepening and expanding economic ties.

“President Kassym-Jomart Tokayev proposed that we launch as many projects as possible that we can implement together. Experience shows that states far from each other can make a breakthrough in the economy through some kind of flagship project. It encourages smaller enterprises to get involved in cooperation. Our task now is to find out what flagship projects we can implement. We hope that we will be able to work intensively in this direction,” said Orban.

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