FMM, HCCI ink MoU meant to support industrial devt
KUCHING: The Federation of Malaysian Manufacturers (FMM) and the Hungarian Chamber of Commerce and Industry (HCCI) have signed a memorandum of understanding (MoU) meant to support industrial development in both countries.
The agreement also serves to strengthen mutual understanding and cooperation between the business communities in Malaysia and Hungary.
This collaboration was established when HCCI president Dr Laszlo Parragh led a delegation on a visit to Malaysia recently.
The signing of the MoU was witnessed by Ambassador of Hungary to Malaysia Dr Petra Ponevacs-Pana.
FMM welcomes investments from Hungary to Malaysia, given the strategic location of Malaysia in Asean, coupled with the most recently-signed free trade agreements, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and Regional Comprehensive Economic Partnership, which is the world’s largest free trade area in terms of combined GDP (Gross Domestic Product) and market size — accounting for almost one-third of the world’s population.
— Tan Sri Soh Thian Lai, FMM president
In its statement, FMM quoted the Department of Statistics Malaysia (DoSM) in stating that the total trade between Malaysia and Hungary stood at US$644 million last year, with exports amounting to US$498 million and imports, US$146 million.
According to FMM president Tan Sri Soh Thian Lai, the MoU would open more opportunities for Malaysian businesses to explore the potential prospects in Hungary.
“FMM welcomes investments from Hungary to Malaysia, given the strategic location of Malaysia in Asean, coupled with the most recently-signed free trade agreements, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and Regional Comprehensive Economic Partnership, which is the world’s largest free trade area in terms of combined GDP (Gross Domestic Product) and market size — accounting for almost one-third of the world’s population,” he said.
Meanwhile in his remarks, Parragh said being Hungary’s second largest trading partner from Asean, Malaysia could make use of Hungary as a gateway to the European Union’s market of close to 500 million population.