Visiting Hungarian Prime Minister Viktor Orbán on Thursday touted the untapped potential for economic cooperation between his country and Kazakhstan, Central Asia’s largest economy, while his Kazakh counterpart, Kassym-Jomart Tokayev, set sights on increasing trade to $1 billion.
“Over the past decade, we have made many efforts to develop our cooperation and have achieved good results,” Orbán said during a meeting with Tokayev at the Akorda Presidential Palace in Astana.
The Hungarian leader highlighted, “Relations between Hungary and Kazakhstan are as good as ever, yet the potential, especially in the economy, remains significant.”
Tokayev remarked that Orbán’s visit, on the eve of the 10th summit of leaders from the Organization of Turkic States—which includes Azerbaijan, Kazakhstan, Kyrgyzstan, Turkey, and Uzbekistan, with Hungary and Turkmenistan as observers—would provide a new impetus for cooperation. He noted the current level of collaboration does not match the potential of both nations.
“Despite geopolitical tensions, trade between our countries has grown by 20%, but it’s not as impressive and could reach $1 billion. This requires practical steps,” he said.
Trade between Kazakhstan and Hungary totaled $172.2 million in 2022, a 19.9% increase from the previous year. Kazakhstan’s main exports to Hungary include petroleum products, bird feathers, and fish, while Hungary exports computers, air or vacuum pumps, compressors, fans, pharmaceuticals, and medicines to the Central Asian country.
Currently, 32 Hungarian companies and 39 joint ventures operate in Kazakhstan in agriculture, trade, construction, and mining. Over the past 17 years, Hungary has invested $308 million in the Kazakh economy, according to official data.
Tokayev mentioned that both leaders agreed to implement a series of joint projects, such as at the Rozhkovskoye field in West Kazakhstan, where gas production is expected to start by the end of the year.
“We plan to produce up to one billion cubic meters of gas per year, with Hungarian company MOL contributing $192 million,” the president said.
The two heads of state also discussed cooperation regarding the Trans-Caspian International Transport Corridor, which connects Asia with Europe via the South Caucasus.
Tokayev highlighted Orbán’s contribution to bilateral relations by awarding him the Dostyk Order or the Order of Friendship of the First Degree. EFE