Sides reach agreement

Business circles of Belarus and Hungary show considerable interest in joint work

Business circles of Belarus and Hungary show considerable interest in joint work


The recent Belarusian-Hungarian Business Forum, held during a session of the Intergovernmental Belarusian-Hungarian Commission on Economic Co-operation, has demonstrated that joint work between our business circles could bring considerable profit.


During the forum’s work

“The list of participants at the forum confirms that businessmen from our two countries are eager to co-operate and intensify economic ties between Belarus and Hungary. Unfortunately, we aren’t yet discussing serious investment. Rather, we’re laying the groundwork for the future,” noted Natalia Nikandrova, Director of the National Agency of Investment and Privatisation (NAIP) of Belarus.

Participants of the forum discussed the current state of trade-economic co-operation between our two countries, opportunities for bolstering bilateral ties, and the implementation of joint projects in the most promising areas.

Hungary has expressed interest in expanding interaction across the railway sector, including freight services and modernisation of infrastructure. Meanwhile, Belarusian businessmen are focusing their attention on the export to Hungary of metal and hardware products, engines, household appliances, and farm machinery.

“Belarusian tractors are well known to Hungarian farmers. Belarus-made vehicles account for over 50 percent of the Hungarian tractor market, with over a thousand Belarus tractors sold in Hungary annually. Our vehicles are reliable and simple to use. Moreover, their price is reasonable,” states the Ambassador Extraordinary and Plenipotentiary of Belarus to Hungary, Alexander Khainovsky.

The parties have agreed to consider additional opportunities for co-operation in healthcare, primarily in pharmaceuticals and the production of medical equipment. Hungarian companies Egis Pharmaceuticals and Gedeon Richter have already found their niche on the Belarusian market. Last year, Belarus imported some $40 million of Hungarian medical products.

The NAIP says that Hungary firmly holds its position among Belarus’ 30 trade partners worldwide. In 2014, our mutual trade in goods and services reached $250m.

By Alexandra Udaltsova

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