Mutual trade between Kazakhstan and Hungary has reached nearly $200mn over the past 24 years, and Kazakhstan now aims to expand this further by diversifying its exports with 95 product categories. The country plans to increase trade volume to $700mn, focusing on metallurgy, mechanical engineering, food products, and construction materials.
This initiative was announced during a Kazakhstani trade and economic mission held in Budapest from March 17 to 20, bringing together 20 Kazakhstani enterprises to explore new business opportunities. The event aimed to strengthen trade ties, facilitate direct business contacts, and enhance investment cooperation between the two nations.
As part of the mission, meetings were held with Hungarian Minister of Agriculture István Nagy and Deputy Minister of Foreign Affairs and Trade Magyar Levente, where discussions focused on agricultural investments, joint ventures, and seed production development.
“Hungary is one of Kazakhstan’s key trade and economic partners in Central and Eastern Europe. We see great potential for expanding cooperation, not just in trade but also in joint production,” said Arman Shakkaliyev, Minister of Trade and Integration of Kazakhstan.
Deputy Minister Levente announced that Hungarian entrepreneurs plan to invest $62mn in Kazakhstan’s agricultural sector. The investment includes four new plants: a premix production plant in Almaty, a feed mill in Kostanay, and additional projects in Karaganda’s Saran city and Turkestan.
Minister Nagy emphasized the potential for jointly selling agricultural products in third markets, leveraging Kazakhstan’s trade agreements and Hungary’s technological expertise. He also proposed reintroducing an extinct Kazakh steppe horse species rehabilitated in Hungary, offering to transfer part of the herd back to Kazakhstan.
The delegation also visited Gedeon Richter, a leading Hungarian pharmaceutical company, which expressed interest in localizing production in Kazakhstan.
A significant outcome of the mission was the establishment of a Partner Office in Hungary under QazTrade, tasked with promoting Kazakhstani products in Hungary and the European market. Agreements were signed with the Hungarian Chamber of Commerce and Industry and the Hungarian Export Promotion Agency (HEPA) to further strengthen trade relations.
Kazakhstan aims to boost bilateral trade to $1bn in the coming years, aligning with national economic goals.
In 2024, trade between Kazakhstan and Hungary reached $195.8mn, reflecting a 4.4% increase from $182.5mn the previous year. Kazakhstan's exports to Hungary grew by 12.3%, totaling $5.3mn, while imports from Hungary rose by 4.2% to $190.5mn.
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