Hungarian-Turkish Joint Trade and Economic Committee

Trade turnover between Hungary and Turkey reached a record high last year, and the two sides have taken important steps to further strengthen economic relations, Minister of Foreign Affairs and Trade Péter Szijjártó said in a statement issued by the Ministry of Foreign Affairs on Thursday after the inaugural meeting of the Hungarian-Turkish Joint Trade and Economic Committee in Ankara.

In the statement quoted by MTI, he stressed that the volume of bilateral trade last year amounted to USD 4.3 billion, which represents an 18% increase and a new record. He said that the record for Hungarian exports to Turkey had also been broken with a 29% increase.

He cited as examples that Medicor's medical instrument factory in Ankara will soon start production, the State Printing Company was involved in the design and production of the new Turkish passport, and Hell sold 19 million cans of energy drinks while Hunland sold some 71,000 cattle in Turkey last year.

In addition, a Turkish-Hungarian military joint venture has been set up to fulfil an order for 400 combat vehicles from the Turkish Defense Forces, and V-Híd has formed an alliance with Turkey's largest railway construction company to jointly participate in as many railway construction projects in Europe and beyond, he said.

The text of a gas purchase contract has also been finalized, allowing Hungary’s MVM to sign the contract with Turkey’s BOTAS, which will allow the start of deliveries, a total of 275 million cubic meters, from Turkey to Hungary in the second quarter of this year.