Kazakhstan and Hungary Enhance Business Relationships in Digitalization, Freight, and Agricultural Sectors
Kazakhstan and Hungary Pursue Investment Cooperation
Astana, Kazakhstan – Kazakh Deputy Prime Minister and Foreign Minister Murat Nurtleu concluded a series of meetings with Hungarian business leaders in Budapest, discussing potential investment opportunities in fields such as digitalization, transport logistics, agriculture, hospitality, and sustainable technologies.
Upon his visit, Nurtleu met with representatives from UBM Group, BDPST Group, and 4iG Plc. Discussions with UBM Group centered on the anticipated agro-industrial investment project, involving the construction of production facilities in Almaty, Kostanai, and Karagandy Regions at an estimated cost of $64 million. The project will encompass the establishment of a laboratory, training center, and logistics infrastructure.
In talks with BDPST Group, the topic of long-term projects in logistics, hospitality, and digital finance was covered, with particular emphasis given to the joint logistics hub project in collaboration with Kazakhstan Temir Zholy national company.
Meetings with 4iG Plc., focused on possibilities of technological cooperation in satellite communications, remote sensing, and digital infrastructure development. Kazakhstan expressed interest in localizing the assembly of satellite platforms.
Kazakhstan reaffirmed its openness to international partnerships and commitment to offering comprehensive support at all stages of cooperation. The Kazakh Foreign Ministry's press service reported these developments on May 22.
With a combined investment portfolio of nearly $700 million in sectors like mechanical engineering, agriculture, and logistics, the economic ties between Kazakhstan and Hungary have shown steady growth. Hungarian investments in Kazakhstan have surpassed $370 million, underscoring the growing partnership between the two nations.
Future developments, such as the establishment of QazTrade’s representative office in Hungary and the upcoming direct flights between Shymkent and Budapest, are expected to strengthen trade and tourism relationships. The strategic partnership between Kazakhstan and Hungary is set for substantial expansion, driven by collaborative projects in key sectors and a mutual commitment to increasing investment cooperation.
In light of the ongoing discussions, there is potential for increased investment in technology sectors, particularly satellite communications, remote sensing, and digital infrastructure development, as a result of collaboration with Hungarian companies like 4iG Plc. In the field of finance, Kazakhstan and Hungary are also exploring long-term projects, such as the joint logistics hub project with BDPST Group, aimed at enhancing digital finance and logistics.
