Hungary FM: 240 Hungarian–Russian Business Talks Conclude in Moscow

A total of 240 company-to-company meetings took place on Tuesday in Moscow at the Hungarian–Russian Business Forum—talks that could significantly help Hungary secure the best possible starting position for the post-Ukraine-war era and become a real winner of the new global economic order, Foreign Minister Peter Szijjarto said in the Russian capital, according to the statement by the ministry.

Szijjár

Speaking at the opening of the Hungary-Russia Business Forum, FM Szijjarto began by thanking participants for attending in such large numbers despite the current international sanctions environment.

Hungary's Foreign Affairs and Trade Minister Peter Szijjarto (Photo: NurPhoto via AFP)

We gather here today in the hope that peace efforts will soon succeed, that peace will return to Central Europe, and that the sanctions will finally come to an end. Once peace is restored, maintaining sanctions would defy all common sense,

he emphasized.

“We Hungarians want to prepare as well as possible for the new global economic era that peace will usher in. We want to secure the best starting position for ourselves and make the most of the opportunities ahead. The fact is, the period following war and sanctions will bring enormous opportunities, a major breath of fresh air for the world economy, and world trade will gain new momentum,” he continued.

And we Hungarians must take full advantage of this. That is why so many of us are here today. Even in hard times, we never abandoned cooperation—and we aren’t about to start now. The presence of the executives of 34 Hungarian companies speaks for itself, as does the fact that Hungarian investments in Russia, despite the difficult circumstances, have now surpassed one billion euros,

the foreign minister added.

FM Szijjarto described Hungary’s economic presence in Russia as mutually beneficial and noted that major Hungarian companies continue to place their trust in the investment environment there.

He highlighted as a key achievement that OTP Bank has now entered the ranks of the twenty largest banks in Russia. Nine years ago, the bank was only the 51st-largest player in the sector; today it stands at number 19.

He also underscored the significant exploration and production work that MOL is conducting with its Turkish partner at the BaiTex oil field, adding that the Hungarian government supports the company’s further expansion in Russia.

Szijjarto pointed out that Richter now holds a market share of over three percent in the Russian pharmaceutical sector, and that an agreement has been reached for experts from Hungary’s pharmaceutical authority to participate in the renewal process for European operating licenses of Russian drug manufacturers.

Turning to agriculture and the food industry, he noted that Agrofeed is already building its second feed-production plant in the Tula region.

He added that the delegation also includes leaders from the cosmetics, chemical, metal, logistics, health-tourism, and water-management sectors.

And if anyone needs further proof of how broad Hungarian–Russian cooperation truly is, consider that the country’s chief medical officer and the director of the Budapest Capital City Circus are also members of the delegation,

he remarked.

The minister stressed that in recent years the Hungarian government has resisted intense pressure aimed at dismantling all cooperation with Russia.

We not only maintained this cooperation—we continued to strengthen it. We blocked every sanction proposal that ran counter to Hungary’s national interests and our economic cooperation. And if more of these proposals come, we will block them as well. Thanks to this joint effort, despite difficult circumstances and years of decline, trade between our two countries has once again started growing, according to the latest data.

“Hungary’s government will ensure every condition necessary for mutually beneficial business cooperation to continue. Today, Hungarian company representatives will conduct a total of 240 business meetings with participating Russian firms. All of this helps Hungary secure the best possible starting position in the post-war era—and become a true winner of the new global economic order,” Peter Szijjarto concluded.

Cover photo: Peter Szijjarto, Hungary's Minister of Foreign Affairs and Trade (Photo: MTI)