Govt extends full cooperation to strengthen Pak-Hungary economic ties

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ISLAMABAD
Prime Minister’s Adviser on Commerce, Textile, Industries and Production and Investment, Abdul Razak Dawood on Wednesday said the government will extend full cooperation and support to strengthen trade and economic ties between Pakistan and Hungary.
The Adviser said that agriculture plays a pivotal role in the life of Pakistan’s economy as it accounts for around 20% of GDP.
The Hungarian Ambassador István Szabó called on the Adviser on Commerce, Textile, Industries and Production and Investment, Abdul Razak Dawood, said a press release issued by Ministry of Commerce.
“Agriculture not only furnishes food and raw material, but also employment opportunities to a very large proportion of population as well,” he added. He expressed happiness over establishing the presence of Hungarian National trading House in Karachi.
He said that Hungarian side may convey suitable dates for organizing the first Pakistan-Hungary Business Forum in Pakistan and also indicate the areas of interest.

Both sides agreed to boost bilateral trade and investment through proactive approach and improved engagement.

Hungarian side offered technical assistance in the areas of agriculture, livestock, fisheries and food processing.

Ambassador informed that Hungary has made impressive progress in agriculture sector by introducing modern technology, research and good agricultural practices.

“Hungarian side offers the possibility of providing interest free credit line,” he added.

The Ambassador informed that inaugural session of Pak-Hungary Joint Economic Commission held in September this year at Budapest will pave way for enhanced economic cooperation between the two countries.

Ambassador further said that Hungary has already invested in Oil and Gas sector of Pakistan and its company MOL is operating with local partners.

Hungarian side also proposed the signing of a MoU between Hungarian Export Promotion Agency (HEPA) and Trade Development Authority of Pakistan (TDAP). Both sides discussed the issues of bilateral interest in the areas of trade and investment.

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