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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Uzbekistan and the Philippines are working to boost bilateral investment cooperation, with a focus on key sectors such as ICT, electrical engineering, transport, geology, and textiles.
The Kremlin announced Monday that Russia will implement a full ceasefire in Ukraine from May 8 to May 10, coinciding with its celebrations of Victory Day over Nazi Germany. The truce, ordered by President Vladimir Putin for "humanitarian reasons," will begin at midnight on May 8 (2100 GMT, May 7).
Greece plans to equip its railways with remote control systems and real-time tracking by September, aiming to improve safety after the country’s deadliest train disaster.
Spanish power grid operator Red Electrica said it was working with energy companies to restore power after large parts of Spain and Portugal were hit by a power outage on Monday.
SIPRI’s annual report, released Monday, said global military expenditure reached $2.72 trillion in 2024, a 9.4% increase from 2023 and the largest year-on-year rise since the Cold War's end. This marks the tenth straight year of growth.
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