Minister of Foreign Affairs and Trade Péter Szijjártó said the institute, set up under the Turkic Council, would be headquartered in Budapest, and Hungary would cover its operating costs.
The Turkic Council is meeting in Istanbul. The council is an intergovernmental organization established in 2009 to promote comprehensive cooperation among Turkic-speaking states. Its members are Azerbaijan, Kazakhstan, Kyrgyzstan, Uzbekistan, and Turkey. Hungary has had observer status in the organization since 2018.
Szijjártó said at the meeting that trade between Hungary and Turkic Council members doubled between 2009 and 2020. He expressed hope that a decision on a Turkic Council investment fund, that "Hungary wants to join immediately," would be taken soon.
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