Kazakhstan has announced plans to increase its trade with Hungary by 3.5 times, raising the current volume from $200 million to $700 million. The move is part of a broader strategy to diversify exports and deepen economic ties with Hungary.
The announcement was made by Arman Shakkaliyev, Kazakhstan's Minister of Trade and Integration, during the country’s trade and economic mission to Budapest on 20 March.
Although no specific timeline was given, Shakkaliyev outlined several key sectors targeted for export growth, including metallurgy, engineering, foodstuffs, and construction materials.
“We aim to boost our exports up to $700 million. Trade accelerates cooperation, and our countries prefer the principle of ‘jointly producing and selling’ rather than simply ‘buying and selling’,” said Shakkaliyev.
At the same meeting, Hungary’s Deputy Minister of Foreign Affairs and Trade, Levente Magyar, confirmed that Hungarian entrepreneurs are planning to establish four agricultural factories in Kazakhstan. These include a premix production facility in the Almaty region, a compound feed factory in Kostanay, and additional enterprises in Saran and Turkestan, representing a combined investment of $62 million.
Hungary’s Minister of Agriculture, István Nagy, also expressed interest in deeper cooperation within the agro-industrial sector, proposing expanded trade with China and Russia, and highlighting seed production and pedigree animal breeding as priority areas for collaboration.
The renewed push for economic cooperation aligns with the goal set by President Kassym-Jomart Tokayev, who has tasked the Kazakh government with increasing bilateral trade with Hungary to $1 billion in the coming years.
In 2024, trade between Kazakhstan and Hungary totalled $195.8 million, reflecting a 4.4% increase from 2023. Notably, Kazakh exports rose by 12.3%, reaching $5.3 million, while imports from Hungary grew by 4.2%, totalling $190.5 million.
With these developments, Kazakhstan and Hungary are laying the groundwork for closer economic integration, potentially reshaping regional trade dynamics and creating new opportunities for cooperation across multiple sectors.
Georgia’s Foreign Minister, Maka Bochorishvili sought to reassure the public that there is “no danger” to Georgia’s status as the European Uni...
U.S. Secretary of State Marco Rubio is expected to attend a ministerial meeting in Paris on Thursday with European, Arab, and other nations to discuss...
Dushanbe enters one of its busiest diplomatic weeks in recent times as it gears up to host the Commonwealth of Independent States (CIS) heads of state...
Germany will grant police the power to shoot down rogue drones like those that have disrupted airports across Europe and that some European leaders ha...
President of the Republic of Azerbaijan Ilham Aliyev welcomed a Croatian delegation led by Gordan Jandroković, Speaker of the Croatian Parliament, ma...
Georgia’s Foreign Minister, Maka Bochorishvili sought to reassure the public that there is “no danger” to Georgia’s status as the European Union’s revised visa rules include Georgia.
U.S. Secretary of State Marco Rubio is expected to attend a ministerial meeting in Paris on Thursday with European, Arab, and other nations to discuss Gaza's post-conflict transition, according to three diplomatic sources on Wednesday.
Germany will grant police the power to shoot down rogue drones like those that have disrupted airports across Europe and that some European leaders have attributed to a hybrid war being waged by Russia.
President of the Republic of Azerbaijan Ilham Aliyev welcomed a Croatian delegation led by Gordan Jandroković, Speaker of the Croatian Parliament, marking his first official visit to Azerbaijan.
Video from the USGS (United States Geological Survey) showed on Friday (19 September) the Kilauea volcano in Hawaii erupting and spewing lava.
At least eight people have died and more than 90 others were injured following a catastrophic gas tanker explosion on a major highway in Mexico City’s Iztapalapa district on Wednesday, authorities confirmed.
At least 69 people have died and almost 150 injured following a powerful 6.9-magnitude earthquake off the coast of Cebu City in the central Visayas region of the Philippines, officials said, making it one of the country’s deadliest disasters this year.
A powerful 7.4-magnitude earthquake struck off Russia’s Kamchatka Peninsula on 13 September with no tsunami threat, coming just weeks after the region endured a devastating 8.8-magnitude quake — the strongest since 1952.
Authorities in California have identified the dismembered body discovered in a Tesla registered to singer D4vd as 15-year-old Celeste Rivas Hernandez, who had been missing from Lake Elsinore since April 2024.
Georgia’s Foreign Minister, Maka Bochorishvili sought to reassure the public that there is “no danger” to Georgia’s status as the European Union’s revised visa rules include Georgia.
Dushanbe enters one of its busiest diplomatic weeks in recent times as it gears up to host the Commonwealth of Independent States (CIS) heads of state and a Central Asia – Russia meeting. Both events are set to hold from 8 - 12 October in Tajikistan.
President of the Republic of Azerbaijan Ilham Aliyev welcomed a Croatian delegation led by Gordan Jandroković, Speaker of the Croatian Parliament, marking his first official visit to Azerbaijan.
A new stage of economic transformation is under way in Karakalpakstan, where authorities have announced 27 large-scale projects worth nearly $2 billion with an aim to boost growth in the region.
Hamas said on Wednesday (8 October) it had exchanged a list of the names of Israeli hostages and Palestinian prisoners to be released under a swap deal and that it was optimistic about talks in Egypt on U.S. President Donald Trump's plan to end the war in Gaza.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment