Trade with Pakistan to be enhanced to $250 million: Hungarian envoy

APP News Agency

13th Oct, 2021. 05:11 pm
Pakistan’s trade deficit swells 34% to hit $31 billion in FY21

Pakistan’s trade deficit swells 34% to hit $31 billion in FY21

ISLAMABAD: Ambassador of Hungary to Pakistan Béla Fazekas on Wednesday pledged to increase bilateral trade with Pakistan to $250 million, paving new avenues for bilateral economic cooperation.

The two countries have the potential for bilateral trade in a number of sectors that needed to be further explored and work needed to be done in new areas, he said.

In a meeting with the former president of the Islamabad Chamber of Commerce and Industry (ICCI), Zafar Bakhtawari, and former vice president Ahsan Bakhtawari, at the Embassy of Hungary, the ambassador said bilateral trade between the two countries had reached $150 million in 2008, which had come down to $50 million, at present. Fazekas said that a few upcoming agreements and memoranda of understanding (MoUs), which would be signed soon, would pave the way for mutual economic cooperation between the two countries.

The completion of Gwadar Port would also help Pakistan and other regional countries to get connected in world trade. After the completion of the Gwadar Port, economic and trade links in the regional countries would also increase, he added.

The ambassador agreed with senior businessman Zafar Bakhtawari, saying that direct air flight between Pakistan and Hungary was important and they were considering it.

He said a few practical steps were needed to boost bilateral trade relations between the two countries, on which both countries were working on.

The ambassador said the Pakistan-Hungary Friendship Group of parliamentarians was playing an important role in improving the relations between the two countries.

During the Covid-19, bilateral trade between the two countries was affected but online and digital meetings were a better solution.

Zafar Bakhtawari said that direct air link between the two countries would not only improve trade relations, but also increase people-to-people contacts.

Every year on an average around five million Pakistanis visit foreign countries for tourism and trade purposes, he said, adding that the Hungary’s government was considering this area and wanted to attract them to come to Hungary.

The air, road and rail links were essential for connecting Pakistan and Central Asian countries for mutual economic and trade purposes.

Ahsan Bakhtawari said that there were many similarities between the people of Pakistan and Hungary, which would help develop economic and trade relations between the two countries.

Ahsan congratulated the Hungarian oil and gas company MOL for receiving the medal of highest honour of Pakistan,” “Sitara-e-Imtiaz” in recognition of its valuable services in Pakistan.

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