{"id":88982,"date":"2023-11-02T10:33:56","date_gmt":"2023-11-02T09:33:56","guid":{"rendered":"https:\/\/efecomunica.efe.com\/?p=88982"},"modified":"2023-11-02T10:44:58","modified_gmt":"2023-11-02T09:44:58","slug":"hungary-kazakhstan-aim-to-boost-trade-to-1-billion","status":"publish","type":"post","link":"https:\/\/efecomunica.efe.com\/en\/hungary-kazakhstan-aim-to-boost-trade-to-1-billion\/","title":{"rendered":"Hungary, Kazakhstan aim to boost trade to $1 billion"},"content":{"rendered":"

Visiting Hungarian Prime Minister Viktor Orb\u00e1n<\/strong> on Thursday touted the untapped potential<\/strong> for economic cooperation<\/strong> between his country and Kazakhstan<\/strong>, Central Asia’s largest economy, while his Kazakh counterpart, Kassym-Jomart Tokayev<\/strong>, set sights on increasing trade to $1 billion.<\/p>\n

“Over the past decade, we have made many efforts to develop<\/strong> our cooperation and have achieved good results,” Orb\u00e1n said during a meeting with Tokayev at the Akorda<\/strong> Presidential Palace in Astana.<\/p><\/blockquote>\n

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The Hungarian leader highlighted, “Relations<\/strong> between Hungary and Kazakhstan are as good<\/strong> as ever, yet the potential<\/strong>, especially in the economy<\/strong>, remains significant.”<\/p>\n

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\"Astana
Astana (Kazakhstan), 02\/11\/2023.- A handout photo made available by the Hungarian PM’s Press Office shows Hungarian Prime Minister Viktor Orban (L) and Kazakhstan President Kassym-Jomart Tokayev (R) during Orban’s official welcome ceremony in Astana, Kazakhstan, 02 November 2023. EFE\/EPA\/ZOLTAN FISCHER \/ HANDOUT EDITORIAL USE ONLY\/NO SALES\u00a0<\/figcaption><\/figure>\n

Tokayev<\/strong> remarked that Orb\u00e1n’s visit, on the eve of the 10th summit of leaders from the Organization of Turkic States<\/strong>\u2014which includes Azerbaijan, Kazakhstan, Kyrgyzstan, Turkey, and Uzbekistan, with Hungary<\/strong> and Turkmenistan as observers\u2014would provide a new impetus for cooperation. He noted the current level of collaboration does not match the potential of both nations.<\/p>\n

“Despite geopolitical tensions<\/strong>, trade between our countries has grown by 20%, but it’s not as impressive<\/strong> and could reach $1 billion. This requires practical steps,” he said.<\/p><\/blockquote>\n

Trade<\/strong> between Kazakhstan and Hungary totaled $172.2 million in 2022, a 19.9% increase<\/strong> from the previous year. Kazakhstan’s main exports<\/strong> 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.<\/p>\n

Currently, 32 Hungarian companies<\/strong> and 39 joint ventures operate in Kazakhstan in agriculture<\/strong>, trade, construction, and mining. Over the past 17 years, Hungary has invested<\/strong> $308 million in the Kazakh economy, according to official data.<\/p>\n