OREANDA-NEWS. June 04, 2014. On the eve of Prime Minister Karim Massimov’s official visit to Hungary, the Kazakh delegation of negotiators chaired by the Minister of Economy and Budget Planning Yerbolat Dossayev discussed the prospects of cooperation in the framework of the 4th session of the Intergovernmental Kazakh- Hungarian commission for economic cooperation.

Hungary occupies an important place in the East European direction of Kazakhstan foreign policy and is one of the most active and promising economic partner of Kazakhstan in Europe, the Minister of Economy and Budget Planning said.

Our economic ties are strong enough, and today we see the prospects of expanding cooperation in the fields of health, energy, innovation, tourism and sport, Minister of National Economy of Hungary Mihaly Varga said.

Hungarian businessmen are interested in attending implementation of government programs in Kazakhstan, primarily in investment projects, Mihaly Varga explained.

Bilateral documents in the fields of education and chemical products were signed within the 4th IGC meeting.

Kazakhstan has invited the Hungarian authorities to take active part in International specialized exhibition EXPO-2017 in Astana by opening pavilion of the Republic of Hungary involving public organs, business and academia, the head of the Administration of the EXPO, MEWR Murat Zhagiparov said.

The parties also discussed the opening issues of direct air links.

We have agreed to hold talks of aviation authorities with the view of modernizing air services agreement in the near future, the Deputy Chairman of the Civil Aviation, MTC Talgat Lastayev said.

The Hungarian side is interested in cooperation with Kazakhstan in modernization of agriculture and processing industry through technology transfer and attracting funding from international financial institutions and Hungarian banks.

We intend to cooperate in implementation of high technology methods of diagnosis and treatment of cancer, cardiovascular disease, as well as to share experiences, the representative of the Public Health Ministry Nurlan Kidirbayev said.

The parties agreed to promote and support information to conduct business forums in Hungary and Kazakhstan using the infrastructure of Entrepreneurs Service Centers. The Hungarian side expressed readiness to work with the Fund "Damu" for implementation of Hungarian franchises in Kazakhstan, the Director of Kostanay branch of "Damu" Zamira Orazbayeva said.

We agreed to develop bilateral relations to promote tourism, the representative of the Tourism Industry Committee Tugelbai Bekbergenov said.

Parties agreed to establish the first Kazakh- Hungarian Investment Fund to finance projects in the agricultural sector. Founders will be from JSC "NMH "KazAgro" and Hungarian Export-Import Bank , the Director of Department of sectors of the economy development, MEBP Nurlan Baybazarov said.

According to the statistics of Kazakhstan, the foreign trade turnover between the two countries amounted to USD 294.2 million in 2013.

Kazakhstan's exports to Hungary is USD 63 million, import is USD 141.2 million.

From 2005 to 2013, the inflow of direct investments from Hungary to Kazakhstan's economy amounted to more than USD 60 million.