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Jul 26, 2017

Bilateral trade between Hungary and Russia has grown by 30 percent in the first quarter of 2017

Péter Szijjártó, minister of Foreign Affairs and Trade, said Hungarian-Russian economic ties are set to gain new momentum following the announcement

Bilateral trade between Hungary and Russia has grown by 30 percent in the first quarter of 2017, Hungary's foreign minister has said.

Péter Szijjártó, minister of Foreign Affairs and Trade, said Hungarian-Russian economic ties are set to gain new momentum following the announcement.

Minister Szijjártó made the remarks following talks with Russian Industry and Trade Minister Denis Manturov on Tuesday.

According to MTI, the growth follows years of decline in bilateral trade, the Ministry said, adding that Hungarian exports to Russia grew by 24 percent in the period.

Minister Szijjártó agreed with Manturov that Hungarian and Russian machinery companies would submit joint tenders in three countries in the future.

What's more, the Russian government will help spread high value-added Hungarian water management solutions on the Russian market. Budapest waterworks Fővárosi Vízművek has launched a Hungarian-Russian joint venture to support this effort.

The ministry also announced that Hungarian low-cost airline Wizz Air would launch a Budapest-St Petersburg direct flight route on August 27 to increase tourist numbers.