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Economy & Policy

Development of economic cooperation between Hungary and Peru

In this time of crisis, cooperation can help sustain the growth of the Hungarian economy.

Speaking after the meeting with Foreign Trade and Tourism Minister Roberto Sánchez, Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó said that the war in Ukraine poses unprecedented economic, political and security challenges for the world. The importance of reliable partnerships, especially for a country with such an open economy as Hungary, is increased, he said.

It is also crucial for the growth of the Hungarian economy during the crisis that the international economic and trade cooperation of Hungary continues to expand, the minister pointed out. He added that the 62 percent increase in bilateral trade last year and the increasingly strong position of Hungarian companies in South America provide a good basis for cooperation.

Szijjártó also mentioned that Hungarian Gedeon Richter is the market leader in several pharmaceuticals, and that Peru is looking for opportunities to use Hungarian technologies for agricultural and food processing developments, which is why cooperation between the two countries’ agricultural companies is particularly important.

The minister said that three cooperation agreements would be signed. 

The first is a scholarship agreement that will allow 20 Peruvian students to study at universities in Hungary from 2023.

A second agreement concerns cooperation between diplomatic academies and sports, the latter focusing in particular on training for young players and the promotion of Teqball, he said. 

Finally, the negotiations on the avoidance of double taxation will be sped up in order to enable Hungarian companies to establish the most advantageous cooperation with their Peruvian partners.

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