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Hungarian-Russian committee for economic cooperation

  Hungarian-Russian relations and co-operation in business, energy and science were high on the agenda of the 4th session of the two countries’ intergovernmental committee for economic cooperation in Moscow on Tuesday.


Speaking after the meeting, Russian First Deputy Prime Minister and the committee’s co-chairman Viktor Zubkov, expressed satisfaction over progress in bilateral business and trade, and said the volume of trade between the two countries was expected to reach $10 billion this year, up from $9 billion in 2007.

Zubkov affirmed that Russia would remain a reliable partner in supplying energy to Hungary and hoped that the documents on setting up a joint venture for the operation of the Hungarian section of the South Stream gas pipeline would be signed this year. He also ascertained Russia’s role in upgrading Hungary’s sole nuclear power plant in Paks as part of a planned extension of the plant’s operation.

Commenting on energy cooperation, Hungarian Finance Minister and the committee’s co-chairman János Veres said the agreement concerning the South Stream pipeline would soon be signed.

In the field of science, the committee explored further bilateral cooperation possibilities in nanotechnology and related R+D funding. The committee’s 5th meeting will be held in Budapest next year. (MTI-Econews)