HITA in agreement with Samara; Russia-Hungary deficit down


Hungary's National Foreign Trade Office (HITA) concluded a framework agreement at Thursday's session of the two-day Hungarian-Russian International Economic Forum and Business Meeting in Budapest regarding the use of Hungarian-produced machinery and instruments in research and development projects in Samara Oblast, Entrepreneurs Club Association President Sándor Újhelyi announced.

Újhelyi said that representatives attending the meeting had also discussed cooperation between Hungary and Rostov Oblast in the areas of food industry, agriculture and tourism.

Russian Federation Budapest trade advisor Leonid Surigin said that Hungary's established trade contacts with specific Russian regions could be particularly fruitful, notably in the areas of agriculture, the food industry, tourism and research and development. Surigin noted that value of recently concluded or launched bilateral Russo-Hungarian projects is $2 billion.

The Russian Federation's Budapest trade advisor added that 500,000 Russian citizens had visited Hungary for business and tourism purposes during the first nine months of 2013, up 20% year-on-year.

Paper: Hungary-Russia trade deficit set to decline
Hungary’s trade deficit with Russia, a big supplier of energy to the country, is set to decline, business daily Világgazdaság said on Thursday.

Foreign Trade Secretary Péter Szijjártó told the paper that while bilateral trade between the two countries rose by 8% in January-July, Hungarian exports to Russia climbed 11%. He added that food exports jumped 22%.

Szijjarto, who is also the government commissioner for trade ties between Hungary and Russia, noted that Prime Minister Viktor Orbán and Russian President Vladimir Putin had agreed at a meeting in January to work to bring down Hungary's trade deficit with Russia. He said industries in which Hungarian exports to Russia could increase include the pharmaceutical and food sectors.


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