BUDAPEST, April 22 (Reuters) - Hungary's Socialists, set to lead a new centre-left government, promised on Monday to breathe new life into diplomatic and economic ties with Russia, once a major trading partner.
Prime Minister Viktor Orban's centre-right government, which was ousted in a
general election whose final round of voting took place on Sunday, neglected
links with Russia during its four year term, as Hungary's priority switched to joining the European Union.
Orban also opposed Russian companies buying up smaller Hungarian firms, although Russia's huge eastern market has become crucial for a raft of Hungary's drug and food makers.
Laszlo Kovacs, the Socialist Party president who is likely to be Hungary's new foreign minister, said he planned to move swiftly to mend fences and restore good relations with Russia.
"We have some experience in settling Hungarian-Russian relations," Kovacs told reporters.
"If Hungary doesn't try to act like a superpower with Russia, then it's already half way to success (in improving ties)," Kovacs said.
Relations between the two countries have been strained over the years as Moscow felt the Hungarians were trying to punch above their weight for a small nation of 10 million people.
Russia is important for Hungary not just because of the role it plays internationally and in Eastern Europe, but also because of the size of its potential market, Kovacs said.
Hungary's biggest pharmaceuticals companies Richter Gedeon and Egis are both
major exporters to Russia.
Hungarian food processing firms, which lost most of their Russian markets after the 1998 economic crisis there, have struggled to re-establish their presence, while Hungary is heavily dependent on Russian natural gas and oil supplies.
Hungary's biggest revenue earner, oil and gas group MOL, runs a large-scale oil exploration and production project in Siberia in a joint venture with Russia's Yukos.