Hungarian central bank signs cooperation agreement with Mongolian watchdog

The National Bank of Hungary (NBH) has signed an agreement on joint financial supervision cooperation with the Financial Regulatory Commission of Mongolia (FRC), NBH said on Wednesday.

The agreement covers, among other things, information and knowledge exchange between the authorities, carrying out joint research projects and organising knowledge-sharing events, the central bank said in a statement.

Agriculture minister meets Mongolian finance minister

Agriculture Minister István Nagy met Javkhlan Bold, Mongolia’s finance minister, in Budapest on Wednesday.

The sides signed a memorandum of understanding to strengthen relations in agriculture and the food industry, the Ministry of Agriculture said. The partnership agreement covers the modernisation of farm machinery, the preservation of animal genetic resources, irrigation development and forestry issues.

Nagy said Hungarian businesses and education institutions were ready to share their experience with the Mongolian partners. The minister said he could see opportunities for bilateral cooperation in agricultural technologies, the poultry sector or seed production.

Javkhlan Bold invited István Nagy for an official visit to Mongolia.

FM Szijjártó hails Hungary-Mongolia cooperation

Cooperation between Hungary and Mongolia is close despite the geographical distance between them, Foreign Minister Péter Szijjártó said on Facebook on Wednesday.

Szijjártó noted that Hungary had donated vaccines to Mongolia during the coronavirus pandemic, adding that the two countries also cooperate actively in the areas of agriculture and water management, which last year led to a “record trade turnover”.

Hungary offers the most university scholarships to Mongolia relative to the size of its population, he said, noting that 903 students had applied for the 200 available scholarships this year.

He said the two countries had concluded their talks on an air transport agreement, which had been made all the more important by Mongolia having scrapped the visa requirement for Hungary.

Szijjártó noted that Hungary and Mongolia will mark the 75th anniversary of the establishment of diplomatic ties next year. He said boosting bilateral cooperation presented an even greater opportunity given that Mongolia has the world’s second-biggest reserve of rare-earth elements.

Kövér meets Mongolian counterpart

László Kövér, House Speaker, receives Gombojavyn Zandashatar, President of the Mongolian Parliament, the State Grand Hural, at the Hungarian Parliament on 6 March 2024. MTI/Illyés Tibor

Speaker of Parliament László Kövér met Gombojavyn Zandashatar, his Mongolian counterpart, for talks in Budapest on Wednesday.

After the talks, Kövér said Mongolia was an important, traditional partner for Hungary in the north-eastern Asian region. Bilateral and cultural ties are extremely good, while business ties need to be raised to the same level, he added.

Parliament’s press office quoted Kövér as saying at the talks that similarities in the traditions of the two nations create a good basis for further deepening friendly ties. Mongolia’s rich historical and cultural heritage is a great asset, which contributes to the cultural diversity of Eurasians, Kövér said. Mongolia’s active foreign policy is key for preserving stability in its region, he added.

Hungary follows Mongolia’s development with a loyal interest, while Hungarian businesses are ready to contribute to Mongolia’s success with special regard to agriculture and water management, Kövér said.

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