The Pak Banker - - NATIONAL -

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.

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