Hungarian-Kazakh relations have gained strategic importance


On the first day of his two-day visit to Kazakhstan, Minister for National Economy Mihály Varga said -- following a meeting with Astana International Financial Centre Governor Kairat Kelimbetov and Economy Minister Timur Suleimanov -- that Hungarian-Kazakh relations have gained strategic importance over the past few years. This significance is demonstrated by the signing of a strategic partnership agreement, improving bilateral relations – also driven by the Hungarian-Kazakh Strategic Council – and the recently relaunched direct flight connecting Budapest and Astana.

Hungary’s bilateral relations with Kazakhstan have developed dynamically, and the opening of the Astana International Financial Centre provides new opportunities in cooperation, Mihály Varga said. The new exchange will also enable Hungarian enterprises to increase the number of their financing options, but it also eases the way for new investors to enter the excellently performing Hungarian market, and the Budapest Stock Exchange may also be interested in further cooperation.

Commenting on the meeting with Economy Minister Timur Suleimanov, Mihály Varga said they both viewed the development of bilateral economic relations as encouraging: the volume of trade turnover continued to increase after a strong performance in 2016, as in the first quarter the volume of Hungary’s exports rose by more than 30 percent year-on-year. Turnover growth may continue, as members of last October’s high-profile business delegation said relations were deepening in the field of medical technologies, pharmaceuticals, waste management, renewable energies and the agricultural sector, he stressed. Other topics discussed at the meeting included the building of an electronic toll system in Kazakhstan, participation in a water supply development project and cooperation in the field of electro-mobility: the areas in which Kazakhstan may best benefit from the know-how of Hungarian enterprises.