Tuesday, 22 June 2021, 12:01:43 pm
Hungary desires to upgrade economic partnership with Pakistan
April 30, 2021

Hungary has voiced its strong desire to upgrade the economic partnership with Pakistan.

The eagerness was expressed by the Minister of Foreign Affairs and Trade of Hungary Peter Szijjarto whilst addressing Pakistan-Hungary Economic Diplomacy event in Islamabad today (Friday).

The Hungarian Foreign Minister said his country attaches special importance to this region because of cultural and historical similarities as well as the security reasons. He said Hungary really values and respects the contributions that Pakistan has been making to ensure security and stability of the region.

The Hungarian Foreign Minister also commended the efforts undertaken by Pakistan to check the spread of Covid-19.

In his remarks, Foreign Minister Shah Mahmood Qureshi expressed the confidence that the visit of Hungarian Foreign Minister accompanied by a business delegation will mark a new era in the bilateral economic relationship. He said a Pakistani business delegation will also soon visit Hungary.

Shah Mahmood Qureshi said Pakistan is eager to have a detailed engagement with Hungary at the experts' level to benefit from its experiences in different areas including agriculture, water resource management, environment and urban development solutions. He said Pakistan is a huge market for the Hungarian companies to expand their businesses. There is opportunity for Hungarian waste management companies to invest in Pakistan. He hoped the business community of both the countries would engage profitably with each other to bolster the bilateral trade.

Referring to the investment friendly policies of the government and the country's economic performance, Foreign Minister Qureshi said we have further liberalized the investment policy for the benefit of investors. Nine special economic zones are in different stages of development under the CPEC and are open for investments including for the Hungarian companies. He said Pakistan has introduced a liberalized visa regime and e visa policy to facilitate the travel of businessmen.

The Foreign Minister said economic diplomacy is a major component of Pakistan's foreign policy. He said we are crafting new avenues of partnership with the rest of the world.

Later, the businessmen from both sides signed a number of MOUs for cooperation in different fields.