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May 07, 2020

Hungary to join investment fund set up by countries of the Turkic Council

The foreign minister has revealed that Hungary will join an investment fund to be set up by countries of the Turkic Council.

The foreign minister has revealed that Hungary will join an investment fund to be set up by countries of the Turkic Council.

In a Facebook post, Péter Szijjártó said the fund would be instrumental in making investments primarily in food production, farming and infrastructure both in Hungary and Turkic Council countries. He added that Turkey would also join the fund.

According to MTI, Minister Szijjártó said that Wednesday’s conference was given a special significance by the economic aspects of the coronavirus pandemic. He warned of restructuring trends in the global economy, including a strengthening of economies in the East. While in 2007, 81 percent of global investments had been financed from Western funds, the share of Eastern capital had increased to 58 percent by last year, he argued.

Minister Szijjártó also thanked Turkic countries for their contribution to Hungary’s efforts against the spread of coronavirus, and made special mention of Uzbekistan, Kazakhstan and Azerbaijan for their face mask supplies.