Kazakhstan to boost trade with Hungary by 3.5 times

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.

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