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Hungary Concludes Cooperation Agreement With Russia’s Second City Of St. Petersburg

Ferenc Sullivan 2016.03.22.

“New emphasis is being placed on the regionalisation of Hungarian-Russian economic cooperation in the interests of decreasing the damage caused by EU and Russian measures”, Hungary’s Minister of Foreign Affairs and Trade Péter Szijjártó said on Monday in Budapest.

Mr. Szijjártó and Governor of Saint Petersburg Georgy Poltavchenko concluded a cooperation agreement between the Hungary’s Ministry of Foreign Affairs and Trade and the second largest city in Russia.

At a press conference following the signing of the agreement, Mr. Szijjártó stressed: The new agreement we have just signed with St. Petersburg fits into the process of expanding cooperation with regions. The volume of trade flow with the region was 120 million US Dollars in 2015, which is a major decrease compared to previous figures and this is the tendency we want to bring to a halt, he declared.

St. Petersburg is one of Russia’s most important industrial centres; the city and its vicinity is the sixth strongest region in the country. Six important Hungarian companies operate offices there, including OTP and Richter, meaning the Hungarian economy has a significant presence in the city, he pointed out, adding that Saint Petersburg plays an important role in Hungarian-Russian economic and trade relations.


The Foreign Minister also told the press that that European-Russian, and within that Hungarian-Russian trade flow has decreased significantly as a result of EU sanctions against Russia and Russian embargo measures. Hungarian enterprises have lost 4.5 billion US Dollars in export opportunities during the past two years, which has led to serious problems at several companies. While Russia used to be Hungary’s second largest trade partner, it has now slipped back to 15th place”, he added.

The Minister also stated that St. Petersburg University has already been offering Russian students the chance to study Hungarian, and since it is important that this opportunity should continue to be available the Hungarian Government is providing 40 thousand euros in funding for this purpose.

via kormany.hu
photos: Ministry of Foreign Affairs and Trade/Zsolt Burger

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