Briefing notes

Opening up to the East led to Hungarian-Pakistani cooperation

Despite the global decline in world trade, trade turnover between Hungary and Pakistan increased by 12 percent last year, said Péter Szijjártó, Minister of Foreign Affairs and Trade.

The Minister, together with Pakistani Foreign Minister Sah Mahmoud Kuresi, opened the Hungarian-Pakistan Online Business Forum, which is being attended by 40 Hungarian and 60 Pakistani companies.

MOL is one of the largest foreign investors in Pakistan, supplying a significant portion of the country’s energy needs through the extraction of oil and natural gas, Szijjártó said.

Eximbank has opened a USD 83 million credit line to finance cooperation between Hungarian and Pakistani companies. Advanced negotiations are now underway in medical device manufacturing, the food industry and cybersecurity, he added.

Education is also playing an important role in bilateral relations, as 9,500 Pakistani students have applied for the 200 scholarship places offered by Hungary, Szijjártó announced.

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