Hungary opens four trading houses in Russia

Wednesday, February 18, 2015

Hungary opens four trading houses in Yekaterinburg, Kazan, Rostov and St. Petersburg announced Minister of Foreign Affairs and Foreign Economic Relations Péter Szijjártó in a Kossuth Radio interview on Wednesday.

The trading houses help Russian and Hungarian small and medium sized enterprises to develop market share and cooperate with each other said the foreign minister.

The expansion of economic and trade relations between the two countries are particularly timely, because due to sanctions imposed last year on Russia by the European Union, Hungarian exports to Russia fell by 14 percent representing a loss of $ 400-450 million.

Hungary asked the Russian side to revive the Magnit investment project, which was agreed on before the sanctions imposed on Russia hoping that peace eventually will come to Ukraine and the resolution of the Ukrainian crisis will settle Russian-European relations as well said the politician.

Szijjártó announced in December 2013 that Magnit, Russia's largest retail chain will establish a transport company in Hungary along with 1000 trucks and supporting infrastructure creating about 1,500 new jobs in Eastern Hungary.

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HungarianAmbiance said...

The function of these trading houses is to help small and medium sized businesses to gain traction in unfamiliar business environment. They provide all sorts of services; like for instance, link investors to local businesses, provide legal aid, advise on taxation etc., but they don't trade stock.

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