Hungary Deepens Economic Ties with Turkic Countries
Hungary Shifts Economic Focus from East to Turkic States
Hungary is changing its course from a previously announced unilateral economic policy of opening up to the East, as stated by Finance Minister Mihály Varga after meeting with Baghdad Amreyev, President of the Turkic Investment Fund.
Minister Varga highlighted that Hungary’s economic neutrality has played a significant role in its impressive export performance, high investment rate, and competitive tax system. He also mentioned that Hungary’s membership in the Organization of Turkic States, which was finalized in July, has elevated its economic relations to a new level.
Trade between Hungary and Turkic states has seen a significant surge of 162% over the past 15 years, exceeding USD 5 billion last year.
The focus of the current cooperation is to strengthen relationships in key sectors such as energy, water management, agriculture, and education. The Istanbul-based Turkic Investment Fund aims to enhance intra-regional trade, benefiting supply chains and promoting joint development efforts.
Minister Varga expressed confidence in Hungary’s economic future, stating that forecasts predict it could lead the European Union in the coming years. He emphasized the importance of the valuable relations established through the Eastern Opening policy for sustainable growth.
The ongoing partnership and support for Serbia’s EU integration also reflect a robust economic and energy tie between Hungary and Serbia.
With promising economic prospects and strategic partnerships, Hungary is poised to solidify its position as a leader in the European Union in the years to come.
Via MTI; Featured Image: Pixabay
