Prime Minister Imran Khan emphasized the importance of developing a strong economic relationship commensurate with friendly bilateral ties between Pakistan and Hungary on Friday. He stressed the need for expanding beneficial cooperation in trade, energy, water resource management, food and agriculture, science and technology, and higher education between the two nations. Currently, a high-level Hungarian Business delegation led by Hungary’s Minister for Foreign Affairs and Trade Péter Szijjártó, has paid a visit to Pakistan and held second round of meeting of Pakistan Hungary Joint Economic Commission.
Earlier, the two foreign Ministers held one on one meeting followed by the delegation level talks at Ministry of Foreign Affairs, Islamabad. The two Foreign Ministers witnessed signing of business agreements between Pakistani and Hungarian Companies in the fields of dairy, pharmaceuticals, and cyber security. Furthermore, the Hungarian government has announced an exclusive credit-line of US $ 84 million for Hungarian companies to do business with Pakistan. Hungarian government also announced a loan facility of US $ 50 million for projects in fisheries and food processing in Pakistani market. The two sides will also work towards establishing direct air links. Both countries also signed an MoU under which Hungarian government would provide two hundred scholarships annually to Pakistani students to study in Hungary.
Hungary is an important member country of the EU. Both Pakistan and Hungary have good bilateral relationship over the years. Hungary is providing scholarships to Pakistani students since 2016. Presently, Hungary has launched its foreign diplomacy initiative “Opening toward East” and started its outreach in Central Asia, Middle East, South and Far East Asia under this initiative. Today, each country of the world is searching markets for its products and services across the world. Pakistan has actively responded to Hungarian call for bilateral cooperation. Both Countries had established Hungary-Pakistan Trade and Economic Window in March 2021. Pakistan could use Hungarian expertise in the fields of agriculture and food, environment, water resource management, engineering, vocational training, and urban planning, while exploring opportunities for its exports to Hungary. In fact, exploration of non-traditional markets could be fruitful for Pakistan’s economic diplomacy doctrine.