Kazakhstan-Hungary Investment Roundtable Marks New Era in Bilateral Economic Cooperation

Budapest, The Gulf Observer: During his state visit to Hungary, President Kassym-Jomart Tokayev of Kazakhstan attended the Kazakhstan-Hungary Investment Roundtable, highlighting the strengthening economic ties between the two nations. The event marked a significant milestone in Kazakhstan-Hungary relations, with President Tokayev noting that his visit to Budapest opens a new chapter in their 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,” President Tokayev said, emphasizing the growing bilateral relationship. He also pointed out that Hungarian investments in Kazakhstan have reached US$370 million, with over 70 Hungarian companies operating successfully in Kazakhstan, including prominent names like MOL Group and Gedeon Richter. The two nations are also considering joint investment projects worth over US$540 million, focusing on sectors such as machinery, agriculture, and logistics.

Tokayev highlighted Kazakhstan’s shift towards a new political and economic paradigm, focusing on innovation, knowledge, and transformation as the key drivers of the country’s future development. He encouraged Hungarian businesses to explore new investment opportunities in priority sectors including energy, rare materials production, transport and logistics, agriculture, pharmaceuticals, digitalization, and finance.

As part of his message to Hungarian investors, Tokayev invited the heads of Hungarian companies to participate in the upcoming Astana International Forum, scheduled for May 2025, which aims to further deepen Kazakhstan’s economic relations globally.

The roundtable also featured Hungarian Finance Minister Mihály Varga, who co-chairs the Kazakh-Hungarian Intergovernmental Commission for Economic Cooperation, alongside heads of major Hungarian companies. Following the event, seven commercial agreements were signed in key sectors such as agriculture, transport infrastructure digitalization, education, and joint investment projects, underscoring the growing cooperation between the two countries.

This investment roundtable serves as a testament to the expanding partnership between Kazakhstan and Hungary, positioning both nations for enhanced collaboration in the coming years.