A target of one billion dollars in bilateral commercial turnover has been set by Hungary and Kazakhstan.

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A target of one billion dollars in bilateral commercial turnover has been set by Hungary and Kazakhstan.

Hungary and Kazakhstan have established a target to achieve a billion dollars in annual bilateral commercial turnover as soon as possible. At the conclusion of the sixth meeting of the Hungarian-Kazakh Strategic Council, which was co-chaired by Kazakh Foreign Minister Murat Nurtleu, Finance Minister Mihály Varga stated, “We have every chance to achieve this.” Mihály Varga emphasized that commercial turnover reached USD 465 million in the first eight months of this year.

The Hungarian Finance Minister, who is also co-chairman of the Kazakh-Hungarian Intergovernmental Commission on Economic Cooperation, the Hungarian-Kazakh Parliamentary Friendship Group, and the Hungarian-Kazakh Strategic Council, stated, “The fact that about 240 companies registered in Hungary are already exporting to Kazakhstan, along with the existing successful projects, show that the direction we have started is the right one.”

The largest private laboratories in Kazakhstan use Hungarian blood and urine analysis equipment; the Hungarian company that specializes in this field sold USD 1,150,000 worth of tools to Kazakhstan last year. Hungarian pharmaceuticals rank sixth in the Kazakh pharmaceutical market in terms of sales.

He continued by saying that Hungary’s policy of opening up to the East, which was declared by the government in 2010, has turned out to be a wise move and an effective economic strategy. He pointed out that given the obvious increase in the importance of Central Asia and the Caucasus region in trade between China and Europe, the challenges brought about by the Russian-Ukrainian war should also present new opportunities.

Three agreements for cooperation were signed during the conference by the Kazakh and Hungarian sides.

Companies from Hungary and Kazakhstan reached an agreement on the use of Hungarian technologies in Kazakhstan as well as the establishment of a model fish farm there.

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