Belarus ready to develop all-round cooperation with Hungary

Belarus is open to Hungarian business. Belarusian companies are also seeking to secure a foothold on the Hungarian market with their goods and services. The most relevant and well-prepared joint project is the creation of a MAZ assembly facility in Hungary. Under this project, the Belarusian side offers Hungarian partners to start producing new types of vehicles that are not produced in Hungary.

Further expansion of cooperation between Brest Electric Bulb Plant and General Electric Hungary is very important for Belarus and Hungary. Following the adoption of the EU resolution to phase out general purpose bulbs, these two companies have set up a joint venture. Now the bulbs produced in Belarus are available in Russia and other countries under the General Electric trademark. The Belarusian company buys necessary componentry in Hungary.

Valery Voronetsky also spoke about the prospects for enhancing cooperation between Gomselmash, Belarus’ biggest producer of agricultural machinery, and Linamar from Oroshaza. They have started producing corn harvesting machines, which are delivered to Belarus and other CIS countries. Cooperation between the two companies can be expanded by means of placing orders for casting products in Belarus.

Belarusian and Hungarian financial institutions show interest in cooperation. In November this year an agreement on cooperation was signed between Belarus’ biggest bank Belarusbank and Hungarian insurance agency MEHIB. Well-known Hungarian bank OTP intends to invest in the Belarusian economy.

According to Valery Voronetsky, an investment promotion and protection of agreement, which may be concluded in 2011, will give an additional impetus to investment activity on both sides.

According to