Kazakhstan, Hungary Enhance Strategic Economic Partnership

Kazakh Ambassador to Budapest, Abzal Saparbekuly, met with Hungary’s State Secretary for Economic Development and Industry, Máté Lóga, and Deputy State Secretary Márton Bókay to discuss trade, economic, and investment cooperation between the two countries, as well as prospects for further development.

Both sides recognized Hungary as a key trade and economic partner of Kazakhstan in Central and Eastern Europe, The Caspian Post reports, citing the Kazakh Foreign Ministry.

They expressed satisfaction with the steady growth of bilateral economic cooperation and reaffirmed their shared interest in deepening ties.

Ambassador Saparbekuly confirmed Kazakhstan’s plans to diversify its export structure and raise exports to Hungary to USD 700 million by expanding supplies from metallurgical, petrochemical, machine-building, food, and construction materials industries. Hungary was also highlighted as an important investment partner, with total direct Hungarian investments in Kazakhstan exceeding USD 409 million since 2005.

The meeting also reviewed the activities of the Kazakhstan-Hungary Intergovernmental Commission on Economic Cooperation, established in 2008 as a key platform for advancing bilateral economic relations. Both sides expressed hope that the 9th meeting of the Commission would be held in Astana in 2026 to further strengthen trade, economic, and investment ties. They emphasized the importance of exchanging information on agreements reached under the 8th meeting’s Protocol in 2023 and identifying new areas for future cooperation.

A major initiative discussed was the planned establishment of the Kazakhstan-Hungary Joint Investment Fund with an initial capital of USD 100 million, including the signing of a Memorandum of Understanding on its creation.

Concluding the meeting, both parties reaffirmed their commitment to strengthening the strategic economic partnership between Kazakhstan and Hungary and to implementing joint projects aimed at sustainable development for both economies.