FM Péter Szijjártó (center left) in Moscow
Amid hopes for an end to sanctions and a new era of global trade Minister of Foreign Affairs and Trade, Péter Szijjártó visited Moscow on Tuesday. He emphasized that Hungarian-Russian economic relations are crucial to Hungary’s future competitiveness, as 240 bilateral business talks took place during the economic forum.
The minister emphasized that Hungary is actively preparing to emerge as a winner from the post-war period in Ukraine and to secure the best possible starting position in the new era of the global economy.
At the opening of the Hungarian-Russian economic forum, Péter Szijjártó thanked the numerous company representatives for their participation despite the international sanctions environment.
“We can gather here today in the hope that the peace efforts will soon be crowned with success, that peace will return to Central Europe and that the sanctions will end. Because when peace prevails, maintaining the sanctions would defy all common sense,” he explained.
The minister reiterated that Hungary had not given up on cooperation with Russia even in difficult times.
As proof of this, he cited the presence of 34 Hungarian business leaders and the fact that Hungarian companies’ investments in Russia had exceeded the one billion euro mark despite the challenges.
Péter Szijjártó highlighted Hungary’s mutually beneficial economic presence, with large Hungarian companies showing confidence in the Russian investment environment. He pointed out that OTP Bank is now the 19th largest bank in Russia, a significant rise from 51st place nine years ago. The oil company MOL is engaged in serious exploration and production activities in the BaiTex oil field in partnership with a Turkish company. The Hungarian government supports the further expansion of this commitment. The pharmaceutical company Gedeon Richter holds a market share of over three percent in the local pharmaceutical industry. In addition, it has been agreed that Hungarian experts will support the renewal of European operating licenses for Russian pharmaceutical factories, the minister said.
He then went on to mention cooperation in agriculture and the food industry, recalling that Agrofeed is already building its second feed production plant in the Tula region.
The composition of the delegation highlighted the breadth of Hungarian-Russian cooperation. In addition to representatives from the sectors mentioned, the delegation also included heads of companies from the cosmetics, chemical, metal, logistics, health tourism, and water management sectors.
Péter Szijjártó emphasized that the Hungarian government had resisted the “elementary pressure” to end cooperation.
We have prevented all sanctions that were contrary to Hungarian national interests and the interests of our economic cooperation. And if there are further such proposals, we will of course prevent them as well,”
he affirmed.
The minister highlighted that this persistent work is bearing fruit. After many years of decline, the latest data shows that trade turnover between the two countries has increased again this year.
Foreign trade flows between Hungary and Russia (2023–2024). Graphic: KSH/Nemzeti Archívum/MTI
After his meeting with his Russian counterpart Sergey Lavrov, Péter Szijjártó emphasized the importance of preparing for the post-war period. “We see the peace plan on the table as a very serious ray of hope. We wholeheartedly support the American-Russian dialogue on this issue,” he said.
He reiterated that the main goal of his visit was to best prepare Hungary for the new era of global economics and trade policy.
The government would ensure all the conditions for the continuation of mutual and beneficial cooperation between companies, Péter Szijjártó explained.
The 240 business meetings held during the day served the declared goal: Hungary should take the best possible starting position for the post-war global economy and become a real winner, he concluded.
Related article
Government Invests €525 Million to Support Hungarian Entrepreneurs in Serbia
Nearly 200 billion forints invested in supporting Hungarian entrepreneurs in Vojvodina, boosting local communities and youth retention.Continue reading
Via MTI; Featured photo: Facebook/Szijjártó Péter
The post We Aim to Be Winners of the Post-War Global Economy, Says Foreign Minister appeared first on Hungary Today.
Source link
