Pak, Hungary have vast opportunities to strengthen mutual trade: Envoy


ISLAMABAD, /DNA/ – Ambassador of Hungary to Pakistan Béla Fazekas has said that Pakistan is an important trade partner of Hungary and both countries have the ability and willingness to further strengthen mutual trade and economic ties.

There are vast opportunities for enhancing bilateral cooperation in different sectors including agriculture, water resource management, energy, information technology, food and tourism, the envoy said while talking to All Pakistan Business Forum President Maaz Mahmood and Secretary-General Khurram Niaz, in a meeting held in his office.

Both sides discussed the roadmap for developing a platform to increase bilateral trade between the two countries, and the available opportunities of enhancing mutual cooperation. Béla Fazekas expressed his intention to visit industrial estates in Pakistan on the invitation of the APBF President. He observed that Hungary attaches special importance to this region because of cultural and historical similarities as well as security reasons. The Ambassador added that his country values and respects Pakistan’s contributions to ensure security and stability in the region. He dilated on the similarities between Pakistan and Hungary, saying like Pakistan, agriculture remains the foundation of Hungarian economy.

The country has, however, adopted a scientific approach and different modern technologies in making its agricultural practices efficient with a much higher per acre yield. Pakistan can greatly benefit from Hungary’s experience in this regard, which it would happily share He said that the Hungary-Pakistan Trade & Economic Window (HPTEW) has started yielding results, as several Hungarian companies have shown keen interest for joint ventures with Pakistan companies.

Ambassador Bela appreciated the role of APBF, saying that it is the beginning of a great era between Hungary and Pakistan to import and export agricultural products from both sides. Pakistan ambassador in Hungary Dr. Muhemmed Aejaz, while talking to APBF President said that the Embassy of Pakistan in Budapest is on the look for new opportunities and ways to enhance investments from Hungary to Pakistan and identify opportunities for promoting Pakistan’s quality exports. He appreciated the APBF and dilated on the bilateral business opportunities. The Ambassador said that under the vision of Foreign Minister of Pakistan Shah Mehmood Qureshi, to use all available economic diplomacy tools to make Pakistan economically self-reliant, he is engaging with leading Hungarian authorities and business entities on a regular basis. APBF President Syed Maaz Mahmood, sincerely appreciated the role of Pakistan’s Ambassador to Hungary Muhammed Aejaz and Hungarian Embassy in Islamabad to persuade its companies’ representatives to visit Pakistan and study its food sector’s market for partnerships and investment and to find new business openings. Syed Maaz Mahmood said that the HPTEW was launched to fully utilize the bilateral trade potential of Pakistan and Hungary from the current volume of $44.3 million, engaging closely with both the Embassies The APBF President said that APBF is already working with the Hungarian Embassy in Pakistan and was fully committed to making this relationship stronger in future. He underlined that the APBF’s Memorandum of Understanding with the Embassy of Hungary and Hungarian Trade promotion agency was helping promote trade links through exchanges of business delegations to nurture closer understanding between Pakistan and Hungary.