Hungarian – Russian joint ventures are planned

Thursday, September 19, 2013

At Wednesday's meeting of the Hungarian-Russian joint economic committee in Budapest, agreement was signed by the Agriculture Minister of Russia and his Hungarian counterpart Péter Szijjártó to start joint ventures to increase the export of Hungarian agricultural products to Russia said Foreign Affairs and Foreign Economic Secretary Péter Szijjártó at a press conference following the meeting.

During the meeting Szijjártó and the Russian Agriculture Minister Nikolai Fyodorov discussed plans of forming joint ventures, as well as lowering roaming fees; they also discussed visa issues.

Szijjártó reported that the Hungarian Export -Import Bank ( Eximbank ) Ltd. and the Szberbank signed a strategic agreement to finance trade between the two countries. The Eximbank and OTP Russian subsidiary have also agreed to form a strategic alliance to help financing Hungarian export to Russia.

Szijjártó stressed that the success of the Hungarian economy depends on the success of the government's eastern partnership policy, which is based on the continuous strengthening of Russian -Hungarian relations.

Trade between Hungary and Russia hit $ 11.6 billion last year -- exports totaled $3,3 billion; imports totaled $8,3 billion. The secretary of state pointed out that the first five months of this year trade flows between the two countries increased significantly; from January to May Hungary's exports increased by 11 percent comparing to the same period of the previous year, which reduced the negative trade balance. The growth was due to food and agricultural exports, which increased by more than 20 percent during this period reaching $ 125 million said Szijjártó.

The state secretary remarked that agriculture and food exports from Hungary to Russia accounts for only 8 percent; so the two areas remain the main sources in export growth.

Negotiations have already started on amending the aviation agreement between the two countries. Szijjártó added that Wizz Air launches Budapest -Moscow flight next week, which will be upgraded to daily flights starting on September 23.

The two governments started discussions on the reduction in roaming charges and they raise quotas for Russian university students studying in Hungary from 54 to 200; the memorandum on this discussion already in progress.

Regarding tourism, Szijjártó remarked that Russian tourists made up the fourth largest group of visitors in Hungary.

Cooperation in building construction is already strong between the two countries, but the secretary of state asked his Russian counterpart to help Hungarian companies to get contracts in the 2018 FIFA World Cup preparatory infrastructure projects.

Nikolai Fyodorov stressed that a new impetus should be given to bilateral economic relations. He pointed out that a Hungarian trading house opened in Moscow this year, and the opening of others are planned across Russia.

Cooperation in higher education is strong, 12 agricultural universities keep regular contacts with Hungarian higher educational institutions.

Russia is also helping Hungarian businessmen looking for partners in Russia stressed the Russian minister of agriculture.

After the press conference, the rector of the Southwestern State University of the Russian Federation Sergey Jemeljanov, and Budapest University of Technology and Economics vice-rector signed a Memorandum of Understanding between the two educational institutions.

(MTI – -


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