Trade and economic cooperation
Hungary is traditionally one of the top-30 trade partners of Belarus.
In 2021, the trade turnover with Hungary reached USD 231.5 million, which is 25% more than in 2017. Meanwhile exports of goods reached USD 89.8 million and grew up by 26% in 5 years.
The exports structure includes more than 170 product groups. The most important of them belong to machinery manufacturing, woodworking industry, metallurgy. Imports from Hungary are dominated by products of machinery manufacturing, chemical and pharmaceutical industry, agriculture.
Bilateral turnover in services lies in the margins of USD 30 million. Transport accounts for more than half of total exports in services, followed by IT and business services.
As of January 1, 2022 the inward stock of investments from Hungary amounted to USD 4.4 million, the outward stock of Belarus investments in Hungary reached USD 0.7 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. In the framework of the Commission there are also working group on tourism, cooperation in the field of science and construction. Secretariat functions of the Belarusian and Hungarian parts of the Commission are executed by respective foreign ministries.
Business circles are also working on establishing a Belarusian-Hungarian business council.
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, tourism and utilities.
Successful example of industrial cooperation is production of double-deck trains KISS for Hungarian railways at the Stadler facilities in Belarus and Hungary.
Development of new contacts is facilitated through exchange of visits managed by line ministries, regional business institutions, companies as well as at business forums by chambers of commerce and 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 others.
In April 2021 an online Belarusian-Hungarian business forum took place with participation of more than 80 companies from both countries.
In January 2022 the agricultural machinery of Minsk tractor works and Gomselmash Holding was presented at the 40th International Exhibition “AGROmashEXPO 2022” in Budapest. Hungarian companies are also active participants of international exhibitions in Belarus.