Malaysia-Hungary agreement on economic cooperation to boost trade, investment: Envoy

22 Nov 2019 / 15:14 H.

KUALA LUMPUR: As this year marks the 50th anniversary of diplomatic relations between Malaysia and Hungary, the two countries reached a new milestone with the signing of an economic cooperation agreement in Budapest last week.

Hungary’s Ambassador to Malaysia Attila Kali said the signing last Friday between International Trade and Industry Minister Datuk Darell Leiking and Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó would open new opportunities in bilateral trade and investment relations between the two countries.

Kali said the agreement would facilitate the setting up of a joint economic commission comprising government officials and the private sector that will meet on a regular basis to discuss new ways to deepen economic cooperation.

“We really think he (Darell) had a successful visit and we look at it as one of the most important events that could happen during the anniversary of 50 years of diplomatic relations of the two countries.

“We hoped that it will further boost our trade and investment relations,“ he told Bernama in an interview, held in conjunction with the anniversary.

Darell’s visit to Hungary, a first for a Malaysian minister in eight years, involved a meeting with Szijjártó as well as a visit to the Hungarian Chamber of Commerce and Industry (HCCI).

Following that, a 20-member delegation from HCCI was in Malaysia from Nov 18-21, comprising companies from various sectors such as the food industry, machinery and consultancy.

Meanwhile, Kali said following a good performance in the first half of 2019, bilateral trade is expected to increase to US$600 million (RM2.5 billion) this year in comparison to last year’s US$580 million (RM2.4 billion).

Main trade products include electronics and electrical appliances, and machinery.

Malaysia and Hungary’s diplomatic ties were established on Dec 29, 1969. — Bernama

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