New opportunities for Hungarian enterprises in Kazakhstan

The Astana International Financial Centre (AIFC), expected to play a key role in connecting Central Asia, China and Europe in the near future, provides great opportunities for actors from the Hungarian financial and economic sectors, Minister of Finance Mihály Varga said at today’s meeting with AIFC Governor Kairat Kelimbetov.

The Eximbank has a loan ceiling of EUR 420 million for Kazakhstan, and the whole amount is expected to assist Hungarian enterprises in entering the Kazakh market, the Minister noted.

The number of fields where Hungary and Kazakhstan — one of the most dynamically developing countries of the Central Asian region which has a special place in Hungarian-Asian relations – have come to cooperate is on the rise, Mihály Varga stressed.

The volume of bilateral trade increased markedly in 2017 and 2018: it was up by some 40 percent in the period January-October 2018, totaling some USD 600 million. There is strong demand for Hungarian pharmaceuticals and chemical products in Kazakhstan, but water industry cooperation also offers great opportunities for Hungarian enterprises, the Minister pointed out.

The Hungarian-Kazakh Economic Cooperation Inter-Governmental Committee and the Hungarian-Kazakh Strategic Council play a central role in promoting trade, he said, adding that the direct Budapest-Astana flight launched in the summer of 2017 has also fostered economic relations.

The Astana International Financial Centre was established in 2015 with the aim of bolstering financial relations between Central Asia, the Caucasus, the Eurasian Economic Union (EAEU), countries of Asia Minor, China, Mongolia and Europe. The AIFC was officially opened on 5 July 2018, the same day when the Astana International Exchange was launched.



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