Hungary Eximbank allots 1 B euros for Phl ventures

The Hungarian Export-Import Bank Plc. (Eximbank) is earmarking one billion euros to finance Hungarian investments in the country, Trade Secretary Ramon Lopez said yesterday.

Lopez said the amount would “fund their companies to do business in the Philippines.”

Lopez was in Hungary for a trade and investment mission where he met with the country’s trade minister, as well as business chambers and companies.

According to Lopez, Philippines and Hungary relations have significantly improved with the reopening of the latter’s embassy in the country last year.

“Hungary is recognized as our friend in EU (European Union), supportive of extension of GSP+ trade privileges and in pursuing talks on Philippines-EU FTA (free trade agreement) and ASEAN-EU FTA,” he said.

Lopez said Hungary could be the country’s gateway to the EU, while Philippines also becomes Hungary’s gateway to the ASEAN.

“We had bilateral meetings where we pushed for our exports such as banana mango, coconut and processed products, carrageenan, canned tuna and marine products, electronics, auto parts, and aerospace parts. They have strong interest on mango banana coconut and carrageenan,” Dominguez said.

Lopez said he also talked to business chambers in Hungary to invite them to invest in the country and make Philippines their production hub in the ASEAN region.

He said an inaugural joint committee on Economic and Trade Cooperation between the Philippines and Hungary is scheduled in September.

The Philippines’ engagement with Hungary is in line with the Duterte administration’s strategy of rebalancing investment and trade relations with nontraditional partners through the pursuit of an independent foreign policy.

The DTI said Hungary has been a minimal source of foreign investments in the Philippines.

On the trade side, Hungary ranked as the country’s 40th trading partner, 26th export market, and 64th import supplier in 2016.