Hungarian banks are to open their branches in Kazakhstan
Currently, Kazakhstan and Hungary implement 16 joint projects to the tune of more than $70 million, Deputy Prime Minister and Minister of Foreign Affairs of the Republic of Kazakhstan Murat Nurtleu revealed following the Feb. 17 talks with his Hungarian counterpart Péter Szijjártó.
According to Minister Nurtleu, last year the two-way trade between Kazakhstan and Hungary increased by 4.4 per cent, amounting to $200 million. The sides have set an ambitious goal to ramp up that figure to $1 billion in the future.
“Over the past two decades, more than $370 million of direct investment has been attracted to the country’s economy from Hungary. Bilateral investment portfolios are implemented. On top of that, 16 joint projects worth more than $70 million are currently implemented,” said Murat Nurtleu, citing the example of Hungarian oil and gas company MOL, which has invested $200 million and is developing a large gas condensate field in western Kazakhstan.
He also reminded of Hungary’s Globalia which is set to launch solar power stations during the joint press statement following the talks with Minister of Foreign Affairs and Trade Péter Szijjártó.
The sides also identified new areas for further cooperation.
“We are confident that in the future we will see the opening of branches of Hungarian banks in Kazakhstan, the construction of a multimodal terminal in Budapest, and an increase in oil and petroleum product exports to Hungary. In addition, the joint investment fund, which will be created soon, will undoubtedly provide good support for these new initiatives. Overall, the strategic partnership between our countries is a golden bridge connecting the East and the West, opening new horizons for trade and investment,” Nurtleu said in conclusion.
Earlier, Murat Nurtleu announced that President of Hungary Tamás Sulyok is expected to pay a visit to Kazakhstan in 2025.
