Trade and economic cooperation
Hungary is traditionally one of the top-30 trade partners of Belarus.
In 2020, the trade turnover with Hungary reached US$ 245.5 million, which is 12% more than in 2010. Meanwhile exports of goods reached US$ 121.8 million and grew up by 178% in 10 years.
The exports structure includes about 200 product groups. The most important of them belong to mechanical engineering industry (railway cars, tractors), chemical industry (fertilizers), forestry and woodworking industries (timber, plywood). Imports from Hungary is dominated by products of tire and chemical industries, agriculture (corn), pharmaceutical industry (medicines).
Bilateral turnover in services is in the margins of US$ 30 million. Transport accounts for more than half of total exports in services, followed by computer and business services.
As of January 1, 2021, the inward stock of investments from Hungary amounted US$ 4.3 million, the outward stock of Belarus investments in Hungary US$ 0.8 million.
There are 8 companies with Hungarian capital operating in Belarus. Belarus companies are represented by Belarus Traktor Kft. and Belmastroy Zrt.
Since 2009 the most important issues of bilateral cooperation have been discussed at meetings of the Belarusian-Hungarian Intergovernmental Commission for Economic Cooperation. Secretariat functions of the Belarusian and Hungarian parts of the Commission are executed by respective foreign ministries. In the framework of the Commission there are also working group on tourism, cooperation in the field of science and construction.
Cooperation on transport issues is carried out on the basis of the Agreement between the Government of the Republic of Belarus and the Government of the Republic of Hungary on international cargo and passenger transportation by road signed on November 1, 1995. Meetings of the mixed commission on international road transport are held on a regular basis.
Promising areas for cooperation are industry, nuclear energy, agriculture, pharmaceuticals, innovation, education and tourism. Successful example of industrial cooperation – production of double-deck trains KISS at the Stadler facilities in Belarus and in Hungary. New ideas and initiatives were discussed in 2019-2020 during visits of representatives from passenger and agricultural machinery manufacturing companies.
Joint business initiatives and projects can enjoy financial and credit support from institutions of Belarus and Hungary. In 2014 the Development Bank of the Republic of Belarus and Hungarian Export-Import Bank Plc. signed a medium-term credit line agreement.
Development of new contacts is facilitated through exchange of visits managed by line ministries, at business forums organised by chambers of commerce, associations. Recent bilateral events were supported by the National Centre for Marketing and Price Study, Belarusian Chamber of Commerce and Industry, National Agency of Investment and Privatization, Republican Confederation of Entrepreneurship and several others.
Interested parties have practically finalized preparatory work on establishment of a Hungarian-Belarusian business council. The council will encompass leading Hungarian companies interested in strengthening and developing bilateral contacts with Belarus. Similarly, the Republican Confederation of Entrepreneurship will unite Belarus enterprises interested in business contacts with Hungarian partners. Relevant contacts of coordinators can be obtained from the Embassy upon request.