The multi-year balanced growth of the Hungarian economy, the rate of which has been above the EU average, is expected to further improve Hungarian-Russian relations and make Hungary an even more attractive destination for Russian investors, Minister of Finance Mihály Varga said in Moscow, where he has met with Russia’s Minister of Finance Anton Siluanov and Chairman of the International Investment Bank (IIB) Board Nikolay Kosov.

Russia has been a key economic and trade partner for Hungary, the Minister said after the talks, and it plays a major role in securing the country’s energy demand. Besides the energy industry, other significant sectors include agriculture, food industry, pharmaceuticals, water management and tourism, Mihály Varga pointed out.

Following a downturn due to the trade embargo against Russia, the volume of trade between the two countries increased by 30 percent in 2017 and by more than 20 percent in the period January-November 2018. The results of Hungarian enterprises in Russia are also encouraging: the volume of MOL investments now exceeds EUR 1.3bn, and Hungarian agricultural and health industry technology is also gaining ground rapidly in the country, he stressed.

(Ministry of Finance/MTI)