Hungarian-Russian economic ties are set to gain new momentum after bilateral trade grew by 30 percent in the first four months of the year, the foreign ministry said after Péter Szijjártó, Hungary’s foreign affairs and trade minister, held talks with Russian Industry and Trade Minister Denis Manturov on Tuesday.
The growth follows years of decline in bilateral trade, the ministry said, adding that Hungarian exports to Russia grew by 24 percent in the period.
In their meeting, Szijjártó and Manturov agreed that Hungarian and Russian machinery companies would submit joint tenders in three countries in the future.
The Russian government will help spread high value-added Hungarian water management solutions on the Russian market, the ministry said, adding that Budapest waterworks Fővárosi Vízművek has launched a Hungarian-Russian joint venture to support this effort.
The ministry also noted that Hungarian low-fare airline Wizz Air would launch a Budapest-St Petersburg direct flight on August 27, which it said could help further increase Russian tourist numbers to Hungary.