Kazakhstan’s PM pledges incentives for Hungarian investors

Kazakhstan is ready grant preferences to Hungarian businesses working in Kazakhstan in the realms of tourism, chemicals, engineering, agriculture, Newskaz.ru reports, citing the Kazakhstan’s PM Karim Massimov as saying. “I believe engineering, chemicals, tourism are promising vectors to expand cooperation”, Mr. Massimov said when speaking at the Kazakh-Hungarian business forum. He pledged the Kazakh government «will grant preferences to Hungarian investors in these realms”. He stressed “Hungary’s experience of applying advanced technology in agriculture is of special interest”, adding that Kazakhstan holds leading positions in grain and flour production “and has a vast potential in diary industry and stock-raising”. “We are ready to discuss various forms of cooperation with Hungarian partners, including new projects, modernization of the current facilities, and launch of new enterprises”. According to him, there are about 50 Hungarian and Kazakh-Hungarian companies operable in oil processing, chemicals, agriculture, consulting and marketing services. “In 2011 the trade turnover between Kazakhstan and Hungary exceeded $270 million; the inflow of Hungarian investments into the Kazakh economy from 1994 to 2011 totaled $53 million (…) there are bright prospects for the bilateral cooperation”, Mr. Massimov said. In his turn, Hungary PM Viktor Orbán emphasized that “the Hungarian Government seeks to diversify its economic ties (…) notably Eastwards (…) Kazakhstan is our major partner in Central Asia and we haven’t unleashed the full potential in the economic realm so far”, Mr. Orbán said. He reminded that Kazakhstan and Hungary had reached the peak in the trade relations in 2008 when the trade turnover exceeded $1.5 billion. “During the crisis the figure decreased; however, we are upbeat about the prospects”, Mr. Orbán said. “We are in favor of participating in long-term projects in Kazakhstan, including in agriculture, energy realm, processing industries, tourism, environment protection”, he summed up.