Kazakhstan, Hungary, and China Establish Cargo Terminal in Budapest

Kazakhstan Temir Zholy (KTZ, Kazakhstan’s national railway company), L.A.C. Holding (Hungary), and Xi'an Free Trade Port Construction and Operation Co., Ltd (China) have signed a memorandum to establish a joint inter-modal cargo terminal in Budapest. The document was signed on November 20 as part of the state visit of Kazakhstan's President Kassym-Jomart Tokayev to Hungary. The planned terminal will leverage the strategic location of the Hungarian capital in the heart of Europe and its developed transport network for multimodal transportation across the continent. The terminal will have a capacity of 230,000 TEU annually and will increase the number of container trains between China and Europe, including transit along the Trans-Caspian International Transport Route (TITR). The new terminal is expected to reduce delivery times and transportation costs. KTZ continues to expand its terminal network along key transport corridors to strengthen Kazakhstan's position as a key transit hub in Eurasia. On November 12, Kazakhstan, Azerbaijan, and China signed an agreement to establish an inter-modal cargo terminal in the Port of Alat in Baku, Azerbaijan. Commenting on the signed Memorandum at a press briefing in Budapest, Tokayev said this initiative will strengthen trade and transport ties between the participating countries. “New opportunities are opening up for the development of infrastructure, logistics, and international trade. Eighty-five percent of land transit shipments between Asia and Europe pass through Kazakhstan. In the near future, the volume of cargo transportation along this route will reach 10 million tons,” Tokayev said.

Uzbekistan and Hungary Expand Economic Cooperation

On May 7, President of Uzbekistan Shavkat Mirziyoyev received the Minister of Foreign Affairs and Trade of Hungary, Peter Szijjártó at the 9th meeting of the Uzbek-Hungarian Intergovernmental Commission on Economic Cooperation in Taskent. Focus was placed on cooperation on projects in industry, pharmaceuticals, agriculture, fish farming, logistics, and real estate construction, with added emphasis on the importance of accelerating the launch of a special economic zone for projects conducted by Hungarian and European companies in the Tashkent region. Co-chaired by Peter Szijjártó and the Minister of Investment, Industry and Trade of Uzbekistan Laziz Kudratov, the meeting also addressed the further development of cooperation in investment, industrial, trade and economic, banking, cultural and humanitarian sectors. It was stated that over the past 5 years, Uzbek-Hungarian trade turnover has doubled and in the first quarter of 2024 alone, bilateral trade grew six-fold compared to the same period in 2023. Measures to increase bilateral trade include the launch of “Meet Uzbekistan” programs to promote Uzbek products in Budapest’s large retail chains, as well as the organization of roadshows for Uzbek manufacturers in Hungary’s largest cities. Both sides stressed the importance of diversifying transport routes, liberalizing permits for bilateral and transit transportation, resuming direct flights between Tashkent and Budapest, and organizing a logistics hub for Uzbek products in Hungary. Note was made of Hungarian companies’ implementation of projects worth almost $500 million in Uzbekistan, and thanks expressed for Hungary’s provision of a state scholarship ‘Stipendium Hungaricum’ which enables some 300 Uzbek students to study at its universities.