Astana hosts Kazakh-Hungarian business forum

ASTANA (TCA) — Within the framework of the Kazakh-Hungarian business forum held in Astana on October 17, Kazakhstan’s export promotion and investment agency Kaznex Invest and JSC International Research and Production Holding Phytochemistry and Hungarian company PannonPharma LTD signed a memorandum of understanding on the organization and expansion of production of original medicines at the pharmaceutical plant in the Kazakh city of Karaganda, the official website of the Prime Minister of Kazakhstan reports.

Deputy Minister of National Economy of Kazakhstan Timur Zhaksylykov said at the forum that in the first eight months of 2016, the trade turnover between Kazakhstan and Hungary amounted to about $80 million compared to $102 million in 2015.

“To date, 50 joint ventures with Hungarian capital successfully operate in Kazakhstan, mainly in the construction, trade and manufacturing sectors. The countries have a great potential for expanding trade and economic cooperation,” Zhaksylykov said.

“We hope that the agreements reached during the business forum will give a new impetus to the expansion of trade, economic and investment cooperation. We believe that there are great opportunities for the revitalization, development of cooperation in energy, pharmaceuticals, engineering, communications, agricultural machinery, agriculture and the food industry,” Zhaksylykov said.

The forum was attended by about 150 business people of the two countries. Kazakh and Hungarian entrepreneurs discussed prospects of cooperation in such sectors as pharmaceuticals, medical equipment, agriculture, engineering, food processing, logistics, and ICT.

Sergey Kwan


Sergey Kwan has worked for The Times of Central Asia as a journalist, translator and editor since its foundation in March 1999. Prior to this, from 1996-1997, he worked as a translator at The Kyrgyzstan Chronicle, and from 1997-1999, as a translator at The Central Asian Post.
Kwan studied at the Bishkek Polytechnic Institute from 1990-1994, before completing his training in print journalism in Denmark.

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