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Hungary wants to invest, promote trade
Thursday, November-28-2013

Hungary is interested to promote bilateral trade with Pakistan and a trade delegation from Hungary will visit Pakistan in the first half of 2014, said Istvan Szabo, Ambassador of Hungary, while addressing to the members of Faisalabad Chamber of Commerce and Industry (FCCI). He said that various Hungarian companies have invested in Pakistan doing successful business. 

He said that Hungarian based MOL Pakistan Oil & Gas Company operating since 2004 in Khyber Pakhtunkhwa (KPK), is an indicative of the fact that there exists enormous potential for foreign companies in this sector. 
He said that there are immense trade and investment potential in Pakistan and he would play its due role with particularly reference to overcome energy crisis. 
He said that negative perception of Pakistan portrayed by international media needs to be eliminated to mobilise foreign investment inflow into Pakistan. 
He said that he would play its role for signing of Memorandum of Understanding (MoU) of FCCI with that of Hungarian Chambers of Commerce to increase the bilateral trade of both the countries. 
He said there are trade and investment opportunities in Information Technology, automobiles, medical and diagnostic equipments and energy sectors. 
He said that a trade delegation from Hungary will visit Pakistan in the first half of 2014. He said that Hungary is situated in the middle of Europe and easy access to other European markets. 
He said that industry contributes to 24 per cent, services 70 per cent and agriculture 5 per cent share in Hungary's economy. He hoped that 'Protection of Investment' agreement will be signed between both the countries some time in next year to increase and explore the trade and investment opportunities in both the countries. 
Earlier, in his welcome address to the Ambassador, Engr. Suhail Bin Rashid, President FCCI said that Pakistan and Hungary enjoy good economic relations and diplomatic ties having fairly long history. He appreciated the financial assistance of Government of Hungary in the wake of the devastating and unprecedented floods in Pakistan in 2011 and earthquake 2005. 
He said Hungary as a member State of European Union and should help Pakistan for final approval by EU Parliaments for grant of GSP Plus Status to Pakistan as from January 01 2014. 
He said Hungry is Pakistan's important trading partner. In fiscal year 2012 bilateral trade stood at $47.24 million in favour of Hungry. Pakistan exported $13.42 million worth of goods to Hungry, while imports stood at $33.82 million. 
He said there are vast prospects of expansion of bilateral trade including joint ventures in textile, agro-based industry, leather goods, oil and gas and Information Technology. 
Pakistan is known world-wide for all types of leather & leather products, organic as well as inorganic agro-based products & food items, sports goods & surgical instruments. Pakistan could supply all types of textile goods such as ready-made garments, home textiles and knitwear (hosiery) items to Hungary markets. 
Hungary's vast technical know-how in the fields of oil & gas exploration, chemicals and heavy industries may provide the basis for technology transfer to Pakistan in these areas. 
He said that Hungarian co-operation in oil and gas sector through Hungarian based MOL Pakistan Oil & Gas Co since 2004 in KPK is an indicative of the fact that there exists enormous potential for foreign companies in this sector. 
He suggested that more and more Hungarian companies should further enhance its business in the oil, gas and power sector in Pakistan. 
He said that Pakistan is a country with growing youth of 45 per cent share in the total population of 180 million people and emphasised exchange of vocational and technical training programs to benefit from technological edge of Hungary. 
He also emphasised on exchange of information on market studies, product demand, business laws and regulation, organise a business delegation to Hungary, single country exhibitions in both the countries and sign of an MoU with Economic Section of Hungary Embassy. 
Chaudhry Muhammad Asghar, Vice President FCCI presented vote of thanks to the guests. Riazul Haq, Senior Vice President FCCI, Haji Muhammad Shafi, Inaam Afzal Khan, Haji Muhammad Ramzan, Mian Haseeb Ahmed, Director Sitara Group and others shared their views on the occasion. 
Istvan Szabo, Ambassador of Hungary in Pakistan also visited Saleem Campus of the University of Faisalabad. 
During the meeting with Major Izharul Ahsan (retd), Registrar, TUF, Professor Dr Mohammad Iqbal Tahir, Advisor to Chairman BOG and other senior faculty members, the ambassador was briefed about the University of Faisalabad, University Medical & Dental College, Madinah Teaching Hospital and other welfare projects running under the auspices of Madinah Foundation. 
Istvan Szabo said that there is a lot of potential to promote bilateral co-operation in education sector particularly in the discipline of health sciences, between the two countries. 
He also appreciated the services of Madinah Foundation in health and education sectors. 
Later, Istvan Szabo visited different departments of Madinah Teaching Hospital and appreciated the services of Madinah Foundation for providing health care facilities to the deserving people, free of cost. 
Hungarian Ambassador also planted a sapling in the hospital's lawn.
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