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Hungary seeks enhanced trade ties with Pakistan

Hungary seeks enhanced trade ties with Pakistan

ISLAMABAD: Hungarian Ambassador Szabó István has proposed the signing of a memorandum of understanding (MoU) between the Hungarian Export Promotion Agency (HEPA) and Trade Development Authority of Pakistan (TDAP).

In a meeting with Adviser to Prime Minister on Commerce Abdul Razak Dawood said on Wednesday, the envoy informed that Hungary has made impressive progress in the agriculture sector by introducing modern technology, research and good agricultural practices.

He offered Pakistan technical assistance in the areas of agriculture, livestock, fisheries and food processing. The envoy stated that the inaugural session of Pak-Hungary Joint Economic Commission held in September this year in Budapest would pave way for enhanced economic cooperation between the two countries.

He further said that Hungary had already invested in the oil and gas sector of Pakistan and its company MOL is operating with local partners. Speaking on the occasion, Dawood said the government would extend full cooperation and support to strengthen trade and economic ties between the two countries.

The adviser informed that agriculture plays a pivotal role in the life of Pakistan’s economy as it accounts for around 20pc of GDP. “Agriculture not only furnishes food and raw material but also employment opportunities to a very large proportion of the population as well,” he added. He expressed happiness over the presence of Hungarian National Trading House in Karachi.

The Hungarian side may convey suitable dates for organizing the first Pakistan-Hungary Business Forum in Pakistan and may also indicate the areas of interest. Both sides agreed to boost bilateral trade and investment through a proactive approach and improved engagement.