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.
The United Arab Emirates warned Israel on Wednesday that any annexation of the West Bank would be a red line for Abu Dhabi, threatening to undermine t...
Afghanistan’s Ministry of Economy has urged United Nations agencies and humanitarian organisations to speed up the delivery of aid to survivors of t...
Russia launched a large-scale overnight air attack on Ukraine on September 3, injuring at least four railway workers and damaging key infrastructure, ...
North Korean leader Kim Jong Un shook hands with Woo Won-shik, the speaker of South Korea’s National Assembly, before the start of a military parade...
Afghanistan airdropped commandos on Wednesday to pull survivors from the rubble of homes in mountainous eastern areas ravaged by earthquakes this week...
The United Arab Emirates warned Israel on Wednesday that any annexation of the West Bank would be a red line for Abu Dhabi, threatening to undermine the Abraham Accords that normalised ties between the two states.
Afghanistan’s Ministry of Economy has urged United Nations agencies and humanitarian organisations to speed up the delivery of aid to survivors of the recent earthquakes that struck several eastern provinces.
Russia launched a large-scale overnight air attack on Ukraine on September 3, injuring at least four railway workers and damaging key infrastructure, Ukrainian authorities say.
North Korean leader Kim Jong Un shook hands with Woo Won-shik, the speaker of South Korea’s National Assembly, before the start of a military parade in Beijing on Wednesday, a rare interaction amids strained inter-Korean relations.
A powerful eruption at Japan’s Shinmoedake volcano sent an ash plume more than 3,000 metres high on Sunday morning, prompting safety warnings from authorities.
AnewZ has learned that India has once again blocked Azerbaijan’s application for full membership in the Shanghai Cooperation Organisation, while Pakistan’s recent decision to consider diplomatic relations with Armenia has been coordinated with Baku as part of Azerbaijan’s peace agenda.
The UK is gearing up for Exercise Pegasus 2025, its largest pandemic readiness test since COVID-19. Running from September to November, this full-scale simulation will challenge the country's response to a fast-moving respiratory outbreak.
A Polish Air Force pilot was killed on Thursday when an F-16 fighter jet crashed during a training flight ahead of the 2025 Radom International Air Show.
President Ilham Aliyev and First Lady Mehriban Aliyeva have arrived in Beijing to join the commemorations marking the 80th anniversary of the Victory in the Chinese People's War of Resistance against the Japanese occupation and World War II.
Iraqi Prime Minister Mohammed Shia al-Sudani met in Baghdad on Tuesday with Admiral Brad Cooper, head of U.S. Central Command (CENTCOM), to review security cooperation and future counterterrorism efforts.
Georgian Prime Minister Irakli Kobakhidze has said that Tbilisi will implement all of the European Union’s requirements only if they are “justified and logical.”
Türkiye’s tourism sector is breaking records, with new strategies and culture, putting the country firmly on the global map.
As leaders from across the region gather in China for the Shanghai Cooperation Organization summit, Georgia is notably absent. While Azerbaijan and Armenia strengthen ties with global powers, Georgia stays on the sidelines despite being an official strategic partner of Beijing.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment