“Economic relations between Russia and Hungary have gained further impetus; following several years of decline, trade flow between the two countries increased by 30 percent during the first four months of this year and Hungarian exports to Russia increased by 24 percent”, the Ministry of Foreign Affairs and Trade said in a statement to Hungarian news agency MTI on Tuesday following a meeting between Minister of Foreign Affairs and Trade Péter Szijjártó and Russian Minister of Trade and Industry Denis Manturov.

According to the statement, it was agreed at the meeting that the parties would exploit the professional and economic advantages inherent in cooperation to enable Hungarian and Russian machine industry enterprises to submit joint tenders in three countries in future.

DownloadPhoto: Árpád Szabó/ Ministry of Foreign Affairs and Trade

The Russian Government will be providing assistance in facilitating the dissemination of high added value Hungarian water management solutions on the Russian market, in the interests of which Budapest Waterworks has founded a Hungarian-Russian joint venture, the Ministry added.

In the statement, the Ministry of Foreign Affairs and Trade also pointed out that Wizz Air will be launching a direct air passenger route between Budapest and St. Petersburg on 27 August, which could contribute to realising a further increase in the number of Russian tourists visiting Hungary.