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.
Ukrainian President Volodymyr Zelenskyy said on Saturday that Kyiv has signed new agreements with international partners to boost joint arms productio...
The UK has re-established diplomatic relations with Syria, marking a major shift in its foreign policy following the fall of Bashar al-Assad’s regim...
Poland’s iconic Vistula River has dropped to historic lows, as severe drought and scorching heat grip the country....
UN Secretary-General Antonio Guterres condemned Russia’s recent large-scale drone and missile attacks on Ukraine, calling them the biggest since the...
Microsoft is closing its direct operations in Pakistan after 25 years, shifting to a partner-led model to serve the market....
Ukrainian President Volodymyr Zelenskyy said on Saturday that Kyiv has signed new agreements with international partners to boost joint arms production amid ongoing Russian attacks.
The UK has re-established diplomatic relations with Syria, marking a major shift in its foreign policy following the fall of Bashar al-Assad’s regime eight months ago.
UN Secretary-General Antonio Guterres condemned Russia’s recent large-scale drone and missile attacks on Ukraine, calling them the biggest since the war began over three years ago.
Microsoft is closing its direct operations in Pakistan after 25 years, shifting to a partner-led model to serve the market.
The European Commission is set to propose allowing carbon credits from other countries to count towards the EU’s 2040 climate target, according to a leaked internal document.
A magnitude 5.5 earthquake struck off Japan’s Tokara Islands on Wednesday, with no tsunami warning issued but residents advised to remain vigilant.
The United States has rescinded licensing restrictions on ethane exports to China, allowing shipments to resume after a temporary halt and signalling progress in efforts to ease recent trade tensions.
Italy plans to grant approximately 500,000 work visas to non-EU nationals between 2026 and 2028, as announced in a cabinet statement. The initiative aims to address labor shortages by expanding legal immigration pathways
Following a deadly glacier collapse in Blatten, near the Swiss Alpine village of Kandersteg, the town is on high alert as melting permafrost and shifting rock threaten another potential disaster after it was buried a month ago.
Armenian Prime Minister Nikol Pashinyan says the country needs a new constitution that reflects its current realities and has a clear purpose.
The 17th Summit of the Economic Cooperation Organization (ECO) was successfully held in Khankendi, Azerbaijan, highlighting the region’s revival and the deepening economic cooperation among member states.
Afghanistan’s Deputy Prime Minister for Economic Affairs, Abdul Ghani Baradar, met with Azerbaijani Prime Minister Ali Asadov in Baku to discuss expanding trade and developing the Lapis Lazuli transport corridor.
Azerbaijan and Kyrgyzstan have explored new avenues for energy cooperation during a high-level meeting in Baku.
Türkiye’s President and Iranian President met on the sidelines of the 17th Economic Cooperation Organization summit in Khankendi, Azerbaijan, highlighting the event’s regional significance.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment