Hungarian companies keen on implementing projects in Kazakhstan

ASTANA. KAZINFORM The 8th meeting of the Kazakhstan-Hungarian intergovernmental commission on economic cooperation took place in Budapest. Over 100 people participated in it, including Kazakh Invest represented by the head of cooperation with Europe Altynay Mukanova, Kazinform learned from Kazakh Invest.

The meeting discussed the expansion of trade, economic, and investment relations. The commission chairs, Kazakhstan's Minister of National Economy Alibek Kuantyrov and Hungary's Minister of Finance Mihály Varga, confirmed the intention to strengthen cooperation considering the great development potential between the two countries.

Altynay Mukanova spoke about the activities of Kazakh Invest, the preferences provided by the Government of the Republic of Kazakhstan, the promising areas of investment cooperation, and invited Hungarian companies to implement projects in Kazakhstan. Also, during the Business Council, meetings were held with the Hungarian business community on the implementation of current and potential projects.

Hungarian company Globália Kft. and Kazakhstani company ANM Group plan to build 20-50 MW solar power plants in Shymkent and 200 MW in Turkestan in the next two years.

Meanwhile, Electron Holding Zrt. company is interested in building solar and wind power plants in several cities in Kazakhstan, with a total investment of $430 million, with the first goal being the construction of several objects with a capacity of 700 MW.

Discussions were also held on production of metal structures with one of Hungary's most modern metal processing plants - the MVM holding. During the meeting, agreements were reached on the company's visit to Kazakhstan and strategic cooperation with the country's machine builders' union.

In addition, Rex-San medical company confirmed interest in creating production of medical products, including prosthetics, corsets and orthoses.

The management of Infoware leading energy company which specializes in producing secondary systems for small power plants, expressed interest in producing electrical equipment and participating in energy projects based on the needs of Kazakhstan.

Note:

Hungary is an important partner of Kazakhstan in the EU, with a number of intergovernmental agreements aimed at deepening trade and economic cooperation, encouraging, and mutual protection of investments between the countries.

The trade turnover between Kazakhstan and Hungary for 2021 was $138 million, 24% higher than the previous year. For the first 9 months of 2022, the figure was over $114 million. Since 2011, Hungary's direct foreign investments in the economy of Kazakhstan have been around $275 million, with a large portion directed to the processing industry.