Briefing notes

Hungary and Serbia benefit significantly from their excellent cooperation

The two countries will even share their embassies where one country has no representation.

Following the Hungarian-Serbian government summit in Budapest, Minister of Foreign Affairs and Trade Péter Szijjártó reported that bilateral trade increased by 37 percent in the first half of 2021, and its value will exceed EUR 3 billion by 2021.

The Hungarian Eximbank has established a credit line of EUR 135 million to further increase turnover and to support the commercial cooperation of Hungarian and Serbian companies, he added.

In response to the economic effects of COVID-19, the government is providing funding for foreign investments by Hungarian companies, and there is the greatest interest in Serbia, he said. 

Sixteen Hungarian companies have received subsidies worth HUF 20 billion to create HUF 40 billion worth of investments in the neighboring country.

Szijjártó emphasized that the economic development program in Vojvodina is also continuing, where so far 14,000 Hungarian small and medium-sized enterprises have received support worth about HUF 60 billion, resulting in investments worth HUF 120 billion.

An agreement was also reached on Wednesday to improve the connections between the two countries, and a high-speed boat will run on the Danube between Budapest and Belgrade by next summer.

Regarding the construction of the railway line between Szeged and Subotica, the minister said that all the preparatory work had already been done and that it would be possible to travel comfortably and quickly on the line starting in the summer of 2022.

Szjjártó stated that Serbia and Hungary will allow the other country’s diplomats into each other’s embassies in places where one is not represented as well. Thus, Hungarian diplomats are already working at the Serbian embassy in Zambia, which will be followed by the Congo, while the Serbs will delegate their diplomats to Hungarian embassies in Malta and Chile.

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