Hungarian, Kazakh business leaders meet in Budapest 🔄

Hungarian and Kazakh business leaders met at a forum in Budapest on Tuesday.

Speaking at the forum, Levente Magyar, a state secretary at the Ministry of Foreign Affairs and Trade, said Hungary’s government was committed to strengthening further economic ties with Kazakhstan and fostering Hungarian companies’ investments there.

At talks with Arman Shakkaliyev, Kazakhstan’s minister of trade and integration, Magyar said the sides had agreed to reduce bureaucratic obstacles in the way of investments and create a “fast track” for companies to expedite their plans. He highlighted several hundred million euros of investments in Kazakhstan by Hungarian oil and gas company MOL and a feed plant project by agribusiness UBM with a value in the tens of billions of forints. Related article: MOL strengthens ties with KazMunayGas to boost Kazakh oil and gas cooperation.

L.A.C. Holding’s rail intermodal transhipment centre to be built in Hungary would facilitate rail freight traffic between Central Asia and Europe, and place Hungary at the centre of this, he said.

In this context, he noted that the end of the war in Ukraine could restore transcontinental rail freight traffic, from which Hungary could also benefit. He added that preparations were underway to set up a large-scale Hungarian-Kazakh investment fund to support joint business investments under an inter-state agreement.

Levente Magyar said Kazakhstan is one of the world’s largest countries, with hundreds of millions of hectares of arable land, which could offer endless opportunities for Hungary’s centuries-old agricultural expertise. Currently, the two sides are working on a programme of seed modernisation and seed production in a joint governmental and corporate partnership, which, if successful, could open up new perspectives for Hungarian agricultural exports and Kazakh agriculture.

He added that the government was open to supporting further projects and strengthening economic cooperation with Kazakhstan, which could ensure the long-term sustainability of the already excellent bilateral relations.

As we wrote a month ago, Hungary, Kazakhstan to step up cooperation, Minister Szijjártó said in Astana, details HERE.

Great news for travellers: Kazakhstan’s Scat Airlines will launch direct flights connecting Shymkent and Budapest, marking a new air link between Central Asia and Central Europe. Details are HERE.

UPDATE

Agriculture minister meets with Kazakh minister of trade

Agriculture Minister István Nagy met with with Arman Shakkaliyev, Kazakhstan’s minister of trade and integration, at the Hungarian-Kazakh business forum in Budapest on Tuesday.

There are serious agricultural and trade opportunities in Hungarian-Kazakh cooperation, Nagy said according to a statement by his ministry.

Hungary has important knowledge and experience in the development of agricultural technologies, which it is ready to share with its partner. In addition to seeds, there are also opportunities in cattle raising and poultry farming and honey production that are worth further developing, the minister said.

Nagy said that in addition to political cooperation, Hungary also wants to strengthen trade opportunities. Agricultural products produced in Kazakhstan based on Hungarian knowledge and innovations can easily find their way to other countries in Asia, he added.

The business forum was attended by 50 Hungarian and 20 Kazakh firms, including 10 from the farm sector.

Statement by the Kazakh minister

The official Kazakh government site said that the trade mission will continue with a series of B2B meetings to strengthen economic ties and explore new cooperation opportunities between Kazakhstan and Hungary.

During the trade and economic mission, Minister of Trade and Integration Arman Shakkaliyev highlighted the significant potential for expanding cooperation between Kazakhstan and Hungary in sectors such as agribusiness, mechanical engineering, information technology, and logistics. Additionally, trade turnover between the two countries increased by 4.4% in 2024, and Kazakhstan has the capacity to expand exports to Hungary by $700 million, opening new opportunities for both sides.

The minister also emphasized the importance of utilizing the Trans-Caspian route for deliveries.

Ahead of the trade and economic mission’s opening, meetings were held with Minister of Agriculture István Nagy and Deputy Minister of Foreign Affairs Mr. Levente Magyar. Discussions focused on trade and economic development, key economic growth areas such as investments in the agricultural sector, the establishment of joint ventures, and the development of seed and livestock breeding.

More than 20 Kazakh enterprises participated in Kazakhstan’s first trade and economic mission to Hungary. The mission aims to strengthen trade relations between the two countries, establish direct contacts between Kazakh enterprises and Hungarian buyers, and conduct bilateral meetings to expand Kazakhstan’s export and investment potential. The minister, along with the business delegation, will visit the headquarters of Gedeon Richter, a company interested in localizing pharmaceutical production in Kazakhstan.

Additionally, as a new approach to conducting trade missions, QazTrade has designated the Hungarian office of the company “HEPA” as a partner. This office will facilitate the search for new clients, promote Kazakh products in the Hungarian and European markets, and monitor the implementation of agreements reached. This practice will also be applied to upcoming trade missions planned for 2025.

As a result of the mission, agreements on mutual cooperation were signed between JSC “QazTrade” and the Hungarian Chamber of Commerce and Industry (MKIK), as well as the Hungarian Export Promotion Agency (HEPA). This cooperation is expected to help increase trade turnover between the two countries, contributing to the goal previously set by the Head of State—to bring bilateral trade volume to $1 billion in the coming years.