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Astana, Kazakhstan • 22 November 2023

Kazakhstan Attracted $300M of Hungarian Investments Over 20 Years

Negotiations are currently underway for the realization of investment projects worth $490 million

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Unsplash/svbalazs
Unsplash/svbalazs

During an official visit, Murat Nurtleu, Deputy Prime Minister and Minister of Foreign Affairs of Kazakhstan, held talks with Hungary's Minister of Foreign Economic Relations and Foreign Affairs, Peter Szijjarto, according to Kazakhstan’s Ministry of Foreign Affairs.

The discussions centered on strengthening cooperation in political, trade, economic, cultural, and humanitarian areas within international and regional frameworks. Nurtleu emphasized the significant political dialogue between Astana and Budapest, underlining Hungary's unique role as a close ally and the only country in the Central and Eastern Europe regions with which Kazakhstan has a strategic partnership. Szijjarto expressed satisfaction with the partnership and highlighted opportunities for Hungarian companies in Kazakhstan.

MFA
MFA

The talks focused on expanding trade, economic, and investment ties, as well as collaboration in the energy sector. Both parties acknowledged unrealized potential and expressed readiness for joint projects.

Hungary has invested over $300 million in Kazakhstan over two decades, with ongoing negotiations for $490 million in projects. Kazakhstan pledged support for existing and new projects, creating favorable conditions for Hungarian businesses.

The education of Kazakh students in Hungary was discussed, with Hungary annually offering 250 grants. Currently, over 1,000 Kazakhstan’s students study in Hungarian universities.

The foreign ministers also discussed international issues, including simplifying the European Union visa regime for Kazakhstani citizens. The political dialogue affirmed alignment on global issues.

Both ministers expressed satisfaction with the negotiations and confidence in deepening cooperation. The parties signed a Work Plan for 2024-2026.

On the same day, Nurtleu met with the President of Hungarian oil and gas company MOL Group, Zsolt Hernadi, discussing the company's successful activities in Kazakhstan, particularly the upcoming launch of the "Rozhkovskoye" gas condensate field in the West Kazakhstan region.

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