Hungarian Business is Ready to Implement a Number of Projects in Kazakhstan

Hungarian Business is Ready to Implement a Number of Projects in Kazakhstan

Investment opportunities, as well as the benefits of cooperation and prospects for further promoting trade and economic partnership were presented at the Kazakhstan-Hungarian Investment Business Forum during the visit of the Deputy Prime Minister - Minister of Finance of Hungary Mihai Varga to Kazakhstan. More than 80 representatives of the business community, as well as the business communities of both countries took part in this event.


Opening the forum, the Minister of National Economy of the Republic of Kazakhstan Aset Irgaliyev noted that the trusting relations between Kazakhstan and Hungary create favorable conditions for the development of economic interaction. The Minister called on Hungarian entrepreneurs to take an active part in the implementation of investment projects in Kazakhstan and encourage establishment of new forms for the development of relationships. In addition, he also noted the importance of using the capabilities of the national company “KAZAKH INVEST”, special economic and industrial zones in the process of implementation of investment projects in the Republic of Kazakhstan.


“We consider Kazakhstan a country that has achieved tremendous economic results. We are very pleased with our bilateral contacts. Hungary will continue to be open towards Kazakhstan and is looking for opportunities for economic cooperation”, - said Deputy Prime Minister of Hungary Mihai Varga, expressing the hope that collaborative work will allow to increase the volume, expand the structure of interaction and implement large-scale projects in the future.

Moreover, within the framework of the forum, the President of the Hungarian Chamber of Commerce and Industry Laszlo Farago, Co-Chairman of the Hungarian-Kazakhstan Business Council Laszlo Horvat, as well as the Chairman of the Board of “NC “KAZAKH INVEST” JSC Meirzhan Yussupov acted as speakers.

During his speech, the Chairman of the Board of “NC “KAZAKH INVEST” JSC Meirzhan Yussupov presented the investment potential of the Republic of Kazakhstan to Hungarian partners; also, he acquainted the forum participants with new approaches used in the state system of attracting investments, and noted the importance of developing bilateral relations between Kazakhstan and Hungary.


“Hungary is one of the key partners of Kazakhstan in Europe. Given the mutual synergy in many sectors, there is a high potential for the development of our economic cooperation. Therefore, I consider our meeting in a lively format as a very important aspect in discussing the priority areas of our partnership, plans for the future, specific joint projects in Kazakhstan. The key sectors of the economy in which projects are held are the agro-industrial complex, mechanical engineering, energy, infrastructure, healthcare, pharmaceuticals, etc.”, - said Chairman of the Board of “NC “KAZAKH INVEST” JSC Meirzhan Yussupov.


Following the results of the forum, the Deputy Chairman of the Management Board of “NC “KAZAKH INVEST” JSC Zhandos Temirgali signed a tripartite Memorandum of Cooperation with “Globalia Kft” and “ANM Group” companies. As part of the Memorandum, investors plan to build a solar power plant worth more than 50 million US dollars. It is noted that the annual production capacity of the project will be up to 500 MW.

In addition, within the framework of the forum bilateral meetings were held between Kazakhstani and Hungarian entrepreneurs, at which issues of cooperation in the field of agro-industrial complex, energy, construction, chemical industry and mechanical engineering were discussed.


In particular, the management of “NC “KAZAKH INVEST” JSC held meetings with the Hungarian electrical company “Tungsram Group” with an annual income of $ 250 million, as well as with the company “GLOBALIA Kft”.

It is worth mentioning that today there are more than 30 enterprises with the participation of Hungarian capital operating in the country. Let us recall that over the years of Kazakhstan's independence, Hungary has invested about $ 200 million in the domestic economy. If we talk about trade, over the past 4 years, bilateral trade amounted to more than $ 350 million.

The Kazakh-Hungarian business forum was jointly organized by the Ministry of Foreign Affairs of the Republic of Kazakhstan, the Chamber of Commerce and Industry of Hungary, NPP RK “Atameken”, as well as “NC “KAZAKH INVEST” JSC.

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