Hungary and Kazakhstan form economic alliance

07.05.2012 - 13:46

Several economic agreements were signed during Prime Minister Viktor Orbán’s

visit to Kazakhstan on 3-4 May. This was during the Hungary-Kazakhstan business forum where Hungarian Prime Minister Viktor Orbán expressed his satisfaction with the cooperation with Kazakhstan which will help his country come out of the crisis.

Orban said: “We have not only got a new government, but also changed our mentality and the approach to general issues: this is the main source of our international vision. We started thinking this way two years ago. We did not lose our hopes and ambitions. [That is why] 50 Hungarian companies consider it a priority to send their representatives to this forum to improve and enhance the relations with Kazakhstan partners.”

Kazakhstan is Hungary's primary trading partner in Central-Asia. The volume of Hungarian investments to Kazakhstan economy was €43 million for 2011.

At his meeting with Kazakh Prime Minister Karim Massimov, Orbán proposed to establish joint ventures and a financial fund to help their creation. A large number of Hungarian corporate executives accompanied the prime minister to Astana. MOL Chairman-CEO Zsolt Hernádi announced that the Hungarian oil company would invest in Kazakhstan a further €190m.

The oil extraction project, managed by MOL, is scheduled to start operating in 2015.