The Hungary–Türkiye Joint Economic Commission convened for a meeting on Friday, 27 June in the capital city of Ankara, Türkiye. There, the attendees accepted a nine-point resolution, the Hungarian Embassy in Ankara has informed in a public statement.
The new plan, if executed, ‘could put commercial trade between the two countries into a new, quality dimension,’ Minister of Foreign Affairs and Trade Péter Szijjártó of Hungary, who was present at the event, stated, according to the Embassy.
He also confirmed that the Commission wants to increase the annual turnover between the two countries from around $3 billion to $5 billion. The minister said that one of the points of the economic cooperation is that Hungary will grant the maximum possible visa facilitation to Turkish businessmen and economic operators.
The agreement also includes a €255 million credit line from Eximbank to finance Hungarian–Turkish business cooperation. In addition, Budapest is seeking Ankara’s support to promote the market presence of Hungarian electricity provider MVM and oil company MOL in Türkiye. MVM is involved in the development of the Turkish electricity infrastructure and MOL is negotiating the introduction of its products in Türkiye.
Ankara is also encouraging more Turkish investment in Hungary. Minister Szijjártó has signed an agreement with Ravaber, a major Turkish company producing insulation materials, which will bring an investment worth €22.5 million to Miskolc, Hungary. The factory will create 107 jobs in the first phase, with the Hungarian government providing a non-refundable grant of €5 million.
In the field of agriculture, Hungarian and Turkish research institutes are already cooperating, but further collaboration is on the agenda. The Turkish Prime Minister has taken steps to increase Hungarian cattle imports from Turkey and they are also working together to cut back on regulations that have been detrimental to Hungarian sweetcorn exports.
Hungary has been maintaining very good relationships with Turkic nations recently. For example, last month, it became the first observer state within the Organization of Turkic States to actually host an OTS summit.
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