Moreover, it will give Russian companies additional possibilities to participate in Hungarian tenders involving EU representatives.
"I believe we have cooperation prospects. Today our bilateral trade totals over $4 billion but we shall increase it by 30% annually," Mr. Fradkov said.
The sides signed an intergovernmental agreement on economic cooperation.
The premiers also discussed the simplification of visa regulations, Mr. Gyurcsany said pointing out the importance of this issue for the development of bilateral relations.
A protocol of intentions on cooperation in the sphere of nano-technologies was signed at the meeting between the Russian federal agency for science and innovations and the Hungarian national department for research and technologies.
According to Ferenc Gyurcsany, a research center will be opened in Hungary in accordance with this agreement.
In his words, bilateral economic relations are rapidly developing. Since 2002 Hungarian exports to Russia increased twice.
