Hungary and Kazakhstan to boost cooperation
Kazakhstan is set to expand trade with Hungary by 3.5 times from $200 million in 2024 to $700 million. To achieve this goal, Kazakhstan aims to diversify its export structure across 95 items. This initiative was announced by Kazakhstan’s Minister of Trade and Integration Arman Shakkaliyev during Kazakhstan’s trade and economic mission to Budapest. However, the official has not disclosed the exact timeline for the move.
«We intend to boost our exports up to $700 million in areas such as metallurgy, engineering, foodstuffs and construction products. Trade accelerates cooperation. Our countries embrace the principle of ‘jointly producing and selling’ rather than ‘buying and selling’,» Shakkaliyev said.
At the meeting, Hungary’s Deputy Minister of Foreign Affairs and Trade Levente Magyar stated that Hungarian entrepreneurs want to establish four agricultural factories in Kazakhstan, including a premix production facility in the Almaty region, a compound feed factory in Kostanay and enterprises in Saran and Turkestan, with a total investment of $62 million.
At the same time, Hungary’s Minister of Agriculture István Nagy noted that cooperation should primarily be enhanced in the agro-industrial complex. He proposed engaging in mutual trade with China and Russia. The parties also expressed their intention to develop seed production and pedigree animal breeding.
«You can trade duty-free, and we can provide you with our know-how and genetics, whether for seed material or animal breeding,» Nagy stated.
Additionally, the Hungarian pharmaceutical company Gedeon Richter has expressed interest in localizing production in Kazakhstan. Moreover, Kazakhstan’s Agriculture Ministry also announced the establishment of a QazTrade representative office in Hungary, aimed at promoting Kazakhstani products in this country and other European markets.
Last year, President Kassym-Jomart Tokayev instructed the cabinet to increase bilateral trade between Kazakhstan and Hungary to $1 billion in the coming years. In 2024, trade volume between the two countries reached $195.8 million, reflecting a 4.4% increase compared to 2023. Exports grew by 12.3% to $5.3 million, while imports rose by 4.2% to $190.5 million.
