Budapest, Astana interested in boosting economic ties

/By AzerNews/

By Sara Rajabova

Europe’s Hungary and Central Asia’s energy-rich country Kazakhstan have determined to boost economic cooperation.

Hungary sees Kazakhstan as an important and strategic trading partner in Central Asia and the countries intend to tighten their strategic partnership.

A Hungarian delegation paid a three-day visit to Astana to further develop ties with Kazakhstan.

The officials of the two countries stated that political cooperation between Hungary and Kazakhstan is excellent, and this serves as a solid basis for building economic relations between the two countries.

Péter Szijjártó, Hungary’s foreign minister said at a Kazakhstan-Hungary business forum in Astana on April 1 that the two countries will create a joint fund of $40 million, Kazakh media reported.

"We are going to sign an agreement between the two governments that will allow the creation of a strategic council and expand political ties. The second agreement will create mutual fund," he said.

Szijjártó said the mutual fund of $40 million will serve as keystone for cooperation between companies in the two countries.

The trade turnover between Kazakhstan and Hungary has increased by 63 percent and exceeded $200 million over the past 10 years.

The two countries pay special attention to developing cooperation in nuclear energy and engineering services. Budapest and Astana are interested in deepening cooperation in the oil and nuclear sectors, as well as in the field of education and culture, according to two countries’ officials.

Viktor Orban, Hungary’s prime minister said after talks with his counterpart, Karim Massimov on April 1 that the Hungarian oil industry in Kazakhstan is a flagship for developing Hungarian-Kazakh relations.

Hungary and Kazakhstan also agreed to launch direct Astana-Budapest flights during the Hungarian delegation’s visit to Kazakhstan.

For developing the strategic cooperation, the two countries signed a memorandum of understanding on setting up a Hungarian-Kazakh strategic council.

“There is so much common ground that will help our countries: Hungary is in Europe and is a member of the EU, Kazakhstan is in Asia and a member of the EAEC, as well as neighbor of China. This can help our country in the organization of the strategic partnership and cooperation,” Massimov said.

Kazakh and Hungarian companies signed a number of contracts in the framework of the Kazakh-Hungarian business forum in Astana on April 1, Kazinform reported.

Kazakh National Oil and Gas Company KazMunaiGas and Hungarian Oil and Gas Company signed a memorandum on cooperation.

Furthermore, Kazakh National Agency KAZNEX INVEST and Hungarian IPOX Chemicals signed a memorandum of understanding.

Hungarian fur trade association and Kazakhstan fur trade and industrial association signed a memorandum of cooperation.

Moreover, Kazakh Silumin-Vostok company and the Hungarian VT VeresKft company signed a protocol of intent, Kazakh Skif Trade and Hungarian Fit food signed a memorandum of understanding, Kazakh Aktyubrentgen and Nungarian OT INDUSTRIES signed memorandum of understanding, Kazakh SU-NASOSY and Hungarian VIKUV Co.Ltd signed a memorandum of understanding, and Kazakh KazMunaiGas Exploration Production, Hungarian Oil and Gas, First international oil corporation and Kazakh Zhaikmunai signed a memorandum of intent.