In Hungary’s Ministry for National Economy, Minister for National Economy Mihály Varga and Duma Deputy Chairman Sergey Zhelezniak discussed economic relations between the two countries, placing special emphasis on partnership options in the field of science and technology.
At the meetings, the parties agreed that bilateral relations have developed in a promising manner and they provide further opportunities in several fields for the extension of cooperation.
Mihály Varga and Sergey Zhelezniak mutually agreed that they will bolster relations primarily in the field of energy, trade, healthcare as well as research and development.
Russia is the third largest on the ranking of Hungary’s trade partners, while it is the number one among the non-EU partners. In 2012, Hungary was the 18th on the list of Russia’s trade partners with a 1.2 percent share of total trade volume. In the initial seven months of 2013, bilateral trade improved by 8 percent and its volume exceeded USD 7bn.
Hungarian exports, which are mainly composed of machinery, equipment and manufactured products, totalled USD 2bn, while the country’s imports – driven mainly by fuel and electric energy – were worth USD 5bn.
(Ministry for National Economy)
