Economic cooperation

Kazakhstan is the 4th largest trading partner of Hungary among the CIS countries (after Russia, Ukraine, and Belarus).

So, according to customs statistics, in the period between January and September of 2017 bilateral trade amounted to $ 114.2 million (exports - 31.4 million, imports - 82.8 million). In general, in 2016, the trade turnover amounted to $ 113 million (exports – 14 million, imports - 98 million).

The main components of Kazakhstan's export are mineral fuel, chemical fertilizers, machinery, and equipment. The list of products imported includes agricultural products, food, organic fertilizers, medical supplies, medicines, industrial and office equipment. According to the National Bank of the Republic of Kazakhstan from 2005 to 2016, gross inflow of direct investments from Hungary to Kazakhstan amounted to $ 129 million, and the volume of Kazakhstan investments was $ 0.7 million;

In accordance with the Agreement on Economic Cooperation, the Intergovernmental Commission on Economic Cooperation is operating. The 5th МПК meeting was held on October 18, 2017, in Astana. The co-chairman of the МПК from the Kazakh side is the Minister of National Economy T. Suleimenov, with the Hungarian Minister of National Economy M.Varga from Hungarian side. In 2012, the Business Council "Kazakhstan - Hungary" was established.

Hungarian oil and gas company "MOL" has been present on the Kazakhstan market for more than ten years. As of the third quarter of 2016, the company invested more than $ 200 million in the extractive industry of Kazakhstan.

In 2016, the official opening ceremony of the Kazakh-Hungarian private equity fund with an authorized capital of $ 40 million ($ 20 million each from each side) was held. The Fund was created by "KazAgro" National management holding" JSC and "Hungarian Export-Import Bank" with the aim to finance agricultural projects on the territory of Kazakhstan. In particular, the Fund intends to invest in agricultural companies that carry out their activities in the field of processing, storage, and logistics.

On June 8, 2017, a direct flight between Astana and Budapest was opened. The Hungarian company "Wizz Air" was appointed as the official carrier.

Created at : 6.11.2016, 18:50, Updated at : 7.11.2016, 14:45