Kyrgyzstan and Hungary open a new economic chapter in Budapest

Kyrgyzstan and Hungary took important steps to deepen their economic partnership in Budapest on 21 November 2025, combining high-level government talks with a focused business forum and concrete investment agreements. The events signalled that relations between the two countries are moving from symbolic diplomacy to tangible projects in energy, agriculture, tourism and education. You can read our on-site report:

Fourth meeting of the Intergovernmental Commission: from trade to energy

In Budapest, the 4th meeting of the Kyrgyz–Hungarian Intergovernmental Commission on Trade and Economic Cooperation was held under the co-chairmanship of Bakyt Sydykov, Minister of Economy and Commerce of the Kyrgyz Republic, and Boglárka Illés, State Secretary for the Development of Bilateral Relations at Hungary’s Ministry of Foreign Affairs and Trade.

The session served as an important platform to review the state of bilateral relations and strengthen practical cooperation. The two sides discussed a broad economic agenda, including:

• trade and investment cooperation,
• agricultural and industrial partnerships,
• digitalisation and innovation,
• aviation and transport,
• energy projects,
• as well as humanitarian and educational exchanges.

At the end of the meeting, the parties signed the Protocol of the 4th session of the Commission, as well as a Memorandum of Understanding (MoU) between the Ministry of Water Resources, Agriculture and Processing Industry of the Kyrgyz Republic and the Hungarian Ministry of Agriculture in the field of veterinary services and veterinary control. The agreement is expected to open new opportunities in food safety, animal health standards and export-oriented agricultural production.

Hungary–Kyrgyz Republic Business Forum at Kimpton BEM Budapest

The governmental talks were complemented by a Hungary–Kyrgyz Republic Business Forum, held on the same day at Kimpton BEM Budapest. The event was conducted in English, Russian and Hungarian, reflecting the international and regional focus of the cooperation. The forum was moderated by Attila Német, representing the HEPA – Hungarian Export Promotion Agency.

The programme started with registration, followed by welcome remarks:

• H.E. Boglárka Illés, State Secretary for the Development of Bilateral Relations, underlined Hungary’s commitment to strengthening ties with Central Asia and highlighted the strategic role of Kyrgyzstan in the region.
• H.E. Bakyt Tolomushevich Sydykov, Minister of Economy and Commerce of the Kyrgyz Republic, stressed that a solid foundation of trust, mutual respect and long-term partnership has been built between the two countries, and that Kyrgyzstan is ready to further expand trade and investment cooperation.

MoU signing: agriculture and processing industry

The opening remarks were followed by an MoU signing ceremony between the Ministry of Water Resources, Agriculture and Processing Industry of the Kyrgyz Republic and Art Work Design Kft., a Hungarian company. The agreement aims to support cooperation in agricultural projects, processing industry development and water management solutions, linking Kyrgyz needs with Hungarian expertise and technology.

Expert presentations: investment climate, exports, drought prevention and tourism

The core of the forum was a presentation session where key institutions and companies introduced concrete cooperation opportunities:

• Mr. Damirbek Zhanturayevich Bikulov, Deputy Director of the National Investment Agency under the President of the Kyrgyz Republic, presented the investment climate of Kyrgyzstan. He outlined tax incentives, free economic zones and guarantees available to foreign investors, emphasising the country’s openness to long-term strategic partnerships.
• Dr. Gábor Péter Artner, Deputy CEO of HEPA – Hungarian Export Promotion Agency, gave an overview of Hungary’s export promotion tools and programmes that support Hungarian companies entering markets in Central Asia, including Kyrgyzstan.
• Ms. Nazgul Zharkynbekovna Malabaeva, Chair of the Kyrgyz–Hungarian Business Council and Representative of the Chamber of Commerce and Industry of the Kyrgyz Republic in Hungary, spoke about platforms connecting the business communities of the two countries and highlighted key sectors for cooperation.
• Mr. László Örlős, PhD, Operations Director and Board Member of the Drought Prevention Institute of the Organization of Turkic States, addressed water management challenges and drought prevention, presenting regional experiences highly relevant to Central Asia.
• Ms. Malika Moltoeva, Deputy Director of the Tourism Department at the IEC of the Kyrgyz Republic, introduced Kyrgyzstan’s tourism potential, from mountain and eco-tourism to cultural routes and adventure travel opportunities. She also highlighted the World Nomad Games 2026 event, which will be held in Kyrgyzstan, and Hungarian athletes are also expected to participate.
• A representative of Visit Hungary showcased Hungary as a safe, easily accessible and experience-rich destination, pointing to potential new tourism flows and joint packages targeting Kyrgyz and regional markets.
• Mr. Kanat Kurmanov, Deputy Chairman of the Board of the Hungarian–Kyrgyz Development Fund, presented the Fund’s financing instruments, loan and investment schemes designed to support joint Hungarian–Kyrgyz projects.

After the presentations, participants continued discussions during a networking lunch, followed by B2B and B2G meetings. These one-on-one sessions allowed Hungarian and Kyrgyz companies, as well as public institutions, to explore concrete projects and partnerships in greater depth.

Flagship energy project: up to 300 MW of solar capacity

One of the most significant outcomes of the Budapest visit was achieved in the energy sector. As part of the business programme, a delegation from the National Investment Agency of the Kyrgyz Republic – led by Deputy Director Damir Bikulov – visited Electron Holding, one of Hungary’s major energy companies.

Following negotiations, Electron Holding and the National Investment Agency signed a Memorandum of Cooperation to develop solar power plants with a combined capacity of up to 300 MW in Kyrgyzstan. The planned investments are expected to exceed 300 million US dollars.

The project has the potential to:

• significantly strengthen Kyrgyzstan’s renewable energy sector,
• enhance the country’s energy security and independence,
• and open a new market for Hungarian energy technology and engineering expertise.

Today, Kyrgyzstan relies heavily on hydropower. However, the country has set a national goal to increase the share of renewable energy – excluding large hydropower. The new Hungarian–Kyrgyz solar cooperation directly supports this strategy.

Tourism, education and industry also on the agenda

Beyond energy, the Kyrgyz business delegation visited Hungarian companies in the tourism, education and industrial sectors, and held meetings with their Hungarian counterparts. The discussions focused on:

• increasing mutual tourist flows and developing new travel products,
• expanding cooperation in higher education, training and student exchanges,
• and launching industrial and processing projects that can benefit from Kyrgyz resources and Hungarian know-how.

The Budapest meetings clearly show that relations between Kyrgyzstan and Hungary are entering a new phase, driven by concrete business projects and institutional cooperation. From agriculture and energy to tourism and education, the two countries are building a broader, more diversified partnership – one that could bring tangible benefits to companies and citizens on both sides.

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