Hungary is considering to explore new trade markets with concept of expanding the sphere of its trade to enhance its business activities with Pakistan. Hungarian Ambassador in Pakistan, Istvan Szabo made these remarks while addressing at Islamabad Chamber of Commerce & Industry (ICCI) here on Friday.
He has said that Hungary and Pakistan are enjoying cordial relations and are making adequate efforts to improve further bilateral economic relations. He said that Hungary had invested $1.4 billion in energy sector in Pakistan while volume of trade was $56 million in preceding year.
The Ambassador said that MOL is the biggest Hungarian company in Pakistan engaged in oil, which is catering to 14 percent needs of Pakistan and providing jobs to around 600 people. He informed the meeting that Hungarian Government has taken the initiative to establish a school with the cooperation of MOL Pakistan which was aimed at brightening up the future of children of Khyber Pakhtunkhwa.
Istvan Szabo said that Schengen visa for businessmen could be applied through Hungarian Embassy in Islamabad, however, businessmen after visiting Hungary can also visit Schengen states.
Speaking on the occasion, Haji Fazal Kadir Khan Shirani, President FPCCI said that there was a wide scope for economic cooperation between the two countries in various areas as both the countries have their own strengths that should be tapped. In his welcome address, Zafar Bakhtawari, President ICCI appreciated the Hungarian cooperation in oil and gas sector and urged the Hungarian companies for further enhancing its business in the oil and gas sector as existing companies are enjoying successful business in Pakistan for the last several years. Hungary as a member state of European Union, should help Pakistan for greater access of its products in markets of EU, he added.
He said that to expand two way trade and economic collaboration for mutual benefits both the sides should make certain efforts such as single country exhibition, frequent visit of trade delegations and close coordination between trade bodies. ICCI President said that Hungary's vast technical know-how in the fields of oil & gas exploration, chemicals and heavy indus- tries may provide the basis for technology transfer in these areas to Pakistan. He said that Pakistan is known world over for all types of leather and leather products, organic as well as inorganic agro-based products & food items, sports goods and surgical instruments. He said that Pakistan could supply all types of textile goods such as ready-made garments, fabrics and hosiery items to Hungary.