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Russia’s exposure to Hungarian market reaches $1.5 billion

January 14, 2014, 20:33 UTC+3 14
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NOVO-OGARYOVO, January 14 (Itar-Tass) - Trade turnover between Russia and Hungary for 2013 is expected to show better results than before, Russian President Vladimir Putin said on Tuesday after talks with Hungarian Prime Minister Viktor Orban.

“We have discussed some issues of mutual trade which we already raised at a meeting the year before last,” Putin said. “However, we hope that the year 2013 will show some better results.”

“Hungary is an important partner for Russia, with which we maintain active trading and economic relations,” Putin said, adding that Russia is also Hungary’s main trading partner outside the European Union, being third after Germany and Austria. In January-October 2013 mutual trade totalled $7.2 billion (in the whole of 2012, $9.7 billion).

The head of state also noted “a good investment process” in Russian-Hungarian relations, with Russia’s total exposure to the Hungarian market at $1.5 billion and Hungary’s investments in the Russian economy worth nearly $2 billion.

The countries are biggest investment partners. Major Hungarian investors include the OTP Bank (with its equity capital worth 24 billion roubles and active assets worth 147 billion roubles), the pharmaceutical company Gedeon Richter (a pharmaceutical plant in the Moscow region) alongside the oil and gas company MOL Group (oil production in the Tomsk region in Russia’s Siberian federal district). Russian investors in Hungary are represented by Russia’s largest private oil firm LUKOIL (a network of 75 filling stations and an oil storage facility) and the largest state-controlled bank Sberbank, which acquired assets from Austria’s Volksbank in 2012.

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