In accordance with the instructions of the Head of State to develop trade and economic cooperation with Hungary, the first trade and economic mission was held in Budapest, with the participation of over 20 Kazakhstani enterprises. The main goal of the event was to strengthen trade ties between Kazakhstan and Hungary, establish direct contacts between Kazakhstani entrepreneurs and Hungarian buyers, and hold bilateral meetings to expand Kazakhstan’s export and investment potential.
During the meetings with Hungarian partners, the Minister of Trade and Integration of the Republic of Kazakhstan, Arman Shakkaliev, emphasized the significant potential for expanding bilateral cooperation in key sectors such as the agro-industrial complex, mechanical engineering, information technologies, and logistics. In 2024, trade turnover between the countries increased by 4.4%, creating new opportunities for further growth. Kazakhstan is capable of increasing its exports to Hungary to $700 million, which would significantly deepen economic cooperation between the two countries.
As part of the preparation for the trade and economic mission, meetings were held with the Minister of Agriculture of Hungary, István Nagy, and the Deputy Minister of Foreign Affairs and Trade, Levente Magyar. The meetings focused on key areas of cooperation, including investment in the agricultural sector, creation of joint ventures, and the development of seed production and livestock breeding. During the negotiations, an agreement was reached to establish a Kazakhstan-Hungary Direct Investment Fund aimed at strengthening trade, economic, and investment cooperation between the two countries.
Additionally, the Minister of Trade and Integration of the Republic of Kazakhstan, along with the delegation, visited the headquarters of the Hungarian pharmaceutical company Gedeon Richter, which expressed interest in localizing pharmaceutical production in Kazakhstan.
A significant innovation of the trade and economic mission was the establishment of a Partnership Office in Hungary — operated by QazTrade — which will facilitate the promotion of Kazakhstani products in the Hungarian and European markets, as well as support the search for new clients. It is expected that this office will monitor the implementation of the agreements reached and actively maintain business connections.
As a result of the mission, cooperation agreements were signed between QazTrade and the Hungarian Chamber of Commerce and Industry (MKIK), as well as with the Hungarian Export Promotion Agency (HEPA).
Preliminary agreements were also reached on the conclusion of commercial contracts totaling €15 million.
The implementation of these agreements and the strengthening of mutual trade relations will create favorable conditions for increasing bilateral trade volumes, contributing to the Head of State’s goal of raising trade between Kazakhstan and Hungary to $1 billion in the coming years.