Kazakhstan and Hungary Deepen Strategic Relationship, Enhance Economic Collaboration
Kazakhstan and Hungary Commit to Deepening Strategic Ties and Economic Cooperation
Kazakh Deputy Prime Minister and Foreign Minister Murat Nurtleu and Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó recently met in Astana to discuss the strengthening of bilateral relations between their countries. The officials reaffirmed their commitment to deepening strategic ties and expanding economic cooperation during their talks on Feb. 17.
A wide range of topics were covered during the discussions, including political, economic, energy, and cultural-humanitarian cooperation. The meeting also included a review of the agreements made following the visits of Kazakh President Kassym-Jomart Tokayev to Budapest in November 2024 and Hungarian Prime Minister Viktor Orbán to Astana in November 2023.
Of particular focus was the goal to increase trade turnover between Kazakhstan and Hungary to $1 billion, as bilateral trade saw a 4.4% growth in 2024, nearing $200 million. Hungarian investments in Kazakhstan have surpassed $370 million, with several joint projects underway and planned. Initiatives such as Hungarian oil and gas company MOL’s investment in Kazakhstan’s gas condensate field and construction projects for solar power plants and animal feed production plants are contributing significantly to the economic partnership between the two countries.
The ministers also discussed ways to further enhance economic ties, including establishing Hungarian bank branches in Kazakhstan, constructing a multimodal cargo terminal in Budapest, boosting Kazakh oil exports to Hungary, and facilitating uranium and critical mineral trade. Additionally, plans for the creation of a joint investment fund were discussed to support ongoing and future collaborations.
Cooperation in science and education was highlighted as well, with Hungary offering scholarships to Kazakh students and the launch of a new direct air route between Shymkent and Budapest in May. The officials also touched upon the potential for increased collaboration within international organizations such as the UN, OSCE, and the Organization of Turkic States (OTS), with a focus on promoting cooperation among Turkic heritage nations.
The visit concluded with the signing of memorandums of cooperation between diplomatic academies and for the promotion of Hungarian language studies, further solidifying the strong bilateral relationship between Kazakhstan and Hungary. With nearly 30 Hungarian companies and 40 joint ventures currently operating in Kazakhstan, the two countries are poised to continue their positive trajectory of economic cooperation for mutual benefit.
