Kazakhstan seeks Hungarian investments into agriculture


Kazakhstan seeks Hungarian investments into agriculturePrime Minister of Kazakhstan Karim Massimov has named priority areas for Hungarian investments at today’s joint Kazakh-Hungarian business forum in Astana.

The head of the Government especially pointed out that Kazakhstan’s investment climate was attractive due to sustainable macroeconomic development. For instance, its GDP increased for 7.5 per cent in 2011.

“Agriculture has always traditionally been one of the leading sectors of Kazakhstan’s economy. Level of agricultural development is the determining factor of the economic and socio-political stability of the country. Kazakhstan is the world’s leader in crops and flour production and boasts huge potential in livestock and diary sector,” Prime Minister Massimov stressed.

“We are interested in Hungary’s experience in implementation of the innovative technologies in this field. I believe that engineering, chemical industry and tourism are promising sectors for mutual cooperation as well,” he added.

There are some 50 joint Kazakh-Hungarian ventures in oil processing, agricultural, chemical and pharmaceutical fields in Kazakhstan today. In 2011 sales volume between Kazakhstan and Hungary made USD 270 million.


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Kazakhstan and Hungary signed a range of documents


Kazakhstan Prime Minister Karim Massimov and Prime Minister of Hungary Viktor Orban signed a joint declaration.

Agreement on exchange of tax information, the Protocol of intentions on cooperation in the framework of a plan of action in the health sector, an agreement on cooperation between the Chamber of Commerce of the RK and the Chamber of Commerce in Hungary were signed following the bilateral meeting.

Besides, Kazakhstan and Hungary  also signed   a cooperation agreement between the Almaty region and the region Yas-Nadykun-Solnok, a memorandum of understanding between JSC National Agency for Export and Investment “KAZNEX INVEST”, and the Hungarian Investment and Trade Agency “HITA”, a letter of intent establishing a strategic railway cooperation between JSC “KazakstanTemirJoly” and JSC “Hungarian railways”.


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MOL planning a further $250 mln investment in Kazakh oil project

May 4. Budapest Business Journal

Hungarian oil company MOL is planning to invest a further $250 mln investment in an oil project in Kazakhstan, chairman-CEO Zsolt Hern?di on Thursday told journalists in the Kazakh capital Astana, where he arrived along with Prime Minister Viktor Orb?n for a two-day visit. This brings the total amount of MOL’s investment in the project to $350 mln. The fresh capital will fund the construction of four new wells. Extraction can start in 2015, Hernadi added. The Kazakh region holds about 5% of MOL’s total carbon hydrogen resources. Hern?di mentioned that the company is planning further investments in Kazakhstan. MOL currently holds 27.5% of an oil project in the country. After the first unsuccessful years, the Hungarian company took over the exploration necessary for the extraction of oil in the region.