Kazakhstan and Hungary deepen strategic economic ties

The meeting focused on the current state of trade, economic, and investment cooperation between Kazakhstan and Hungary, as well as prospects for its further development.

Both sides noted that Hungary is a key trade and economic partner of Kazakhstan in Central and Eastern Europe. They expressed satisfaction with the steady growth of bilateral economic cooperation and reaffirmed their mutual interest in further deepening ties.

Ambassador Saparbekuly confirmed Kazakhstan’s plans to diversify its export structure and increase exports to Hungary to USD 700 million by expanding supplies from the metallurgical, petrochemical, machine-building, food, and construction materials industries. Hungary was also highlighted as an important investment partner of Kazakhstan, with total direct Hungarian investments in the Kazakh economy exceeding USD 409 million since 2005.

They also discussed the activities of the Kazakhstan–Hungary Intergovernmental Commission on Economic Cooperation in detail. Established in 2008, the Commission has become a key platform for advancing bilateral economic relations. The sides expressed hope that the 9th meeting of the Commission would be held in Astana in 2026, noting that it would help further intensify trade, economic, and investment cooperation.

In this context, the importance of exchanging information on the implementation of agreements reached under the Protocol of the 8th meeting of the Commission in 2023 was emphasized, along with the need to identify new areas of cooperation to be included on the agenda of the next meeting.

One of the key initiatives of bilateral cooperation is the planned establishment of the Kazakhstan–Hungary Joint Investment Fund with an initial capital of USD 100 million. The parties discussed the signing of a Memorandum of Understanding on the creation of the Fund.

Concluding the meeting, both sides reaffirmed their readiness to further strengthen the strategic economic partnership between Kazakhstan and Hungary and to implement joint projects aimed at the sustainable development of both economies.

Earlier, Qazinform reported that Kazakh Ambassador to Saudi Arabia Madiyar Menilbekov met with Senior Director at the Public Investment Fund (PIF) Mulham Al-Bakree.