Agreement on Pak-Hungary Economic Cooperation Signed



Finance Minister, Senator Mohammad Ishaq Dar, witnessed the signing ceremony of the agreement on Economic Cooperation between Pakistan and Hungary at the Ministry of Finance on Tuesday. Secretary Economic Affairs Division, Mr.Tariq Mahmood Pasha, and Hungarian Deputy Minister of Foreign Affairs and Trade, Mr.Szilveszter Bus, signed the agreement.

Welcoming the signing of the agreement, the Finance Minister said it is a step forward towards establishment of a Joint Commission and even closer relations between Pakistan and Hungary. He said that the agreement would facilitate active promotion of economic linkages between the two countries, and realization of the true bilateral trade potential. The Finance Minister invited Hungarian companies to explore business and trade opportunities in Pakistan. He expressed the hope that the governments of Pakistan and Hungary will actively work in partnership to ensure economic cooperation and prosperity for the peoples of both nations.

The Hungarian Deputy Minister said that signing of the agreement is a major milestone and the next step would be the formation of the joint economic commission. He invited Pakistani businessmen to explore opportunities for cooperation with their Hungarian counterparts. He said that Pakistan is one of the hubs of economic growth and Hungary looks forward to developing strong economic ties with Pakistan.

The Agreement, it may be added shall promote economic cooperation between the two countries in various areas including machine industry, electronics industry, food and agriculture, water management, environmental and energy sector, chemical and petrochemical industry, construction and infrastructure development, transport and logistics, automotive industry, IT and telecom, healthcare, education, and human resource development. The Joint Commission on Economic Cooperation to be established under the agreement shall monitor the effective implementation of the agreement and propose recommendations for development of bilateral economic cooperation.

Senior officials of the Ministry of Finance and Economic Affairs Division,and the Ambassador of Hungary were present on the occasion.