President: Hungarian Investments in Kazakhstan Reach $370 Million

President Tokayev informed Hungarian businessmen that there is great potential for deepening investment cooperation in priority areas such as energy, production of rare materials, transport and logistics, agriculture, pharmaceutical industry, digitalization and finance.

Photo: Akorda

As part of his state visit to Hungary, President of Kazakhstan Kassym-Jomart Tokayev attended the Kazakhstan-Hungary Investment Roundtable, Akorda reports.

Opening the event, the Kazakh President noted the dynamic development of economic relations between the two countries, The Caspian Post reports, citing Kazinform.

He stated that his first state visit to Budapest opens up a new chapter in the Kazakh-Hungarian strategic partnership.

"This year marks 10 years since the adoption of the Declaration on strategic partnership with your country. Over this period, our close cooperation has been built on mutual trust and common goals. The volume of Hungarian investments in Kazakhstan has reached 370 million US dollars. Over 70 Hungarian companies, including MOL Group and Gedeon Richter, operate successfully in our country. Implementation of joint investment projects worth over 540 million US dollars in machinery, agriculture and logistics is being considered," said Tokayev.

According to the Kazakh leader, Kazakhstan is pursuing a new political and economic paradigm, with transformations based on knowledge and innovations to serve as its defining principles.

President Tokayev informed Hungarian businessmen that there is great potential for deepening investment cooperation in priority areas such as energy, production of rare materials, transport and logistics, agriculture, pharmaceutical industry, digitalization and finance.

In conclusion, Kassym-Jomart Tokayev invited the heads of Hungarian companies to participate in the Astana International Forum, scheduled for May 2025.

Addressing the meeting were Hungarian Finance Minister, co-chair of the Kazakh-Hungarian Intergovernmental Commission for Economic Cooperation Mihály Varga and heads of major Hungarian companies.

Following the roundtable, seven commercial documents were signed in agriculture, transport infrastructure digitalization, education and support of joint investment projects.