Budapest, 19 August 2022 (TDI): Pakistan and Hungary held the second round of negotiations for reciprocal promotion and protection of investment, which is a Bilateral Investment Treaty (BIT), on Friday.

The Secretary of the Boards of Investment, Asad Gillani, led Pakistan in the second round of negotiations on the agreement with Hungary. Islamabad will hold the next round by the end of the year.

This bilateral investment treaty will nourish the economic cooperation between Pakistan and Hungary. Moreover, it will also provide an opportunity for opening avenues for considerable investments in various sectors from both sides.

Also read: Ambassador of Hungary congratulates Pakistan on 75th Anniversary 

Hungary and Pakistan Relations

The two countries established diplomatic relations in 1965. Hungary has had an embassy in Islamabad and an honorary consulate in Karachi since 1970. Additionally, Pakistan has also an embassy in Budapest.

The bilateral trade between the two countries reached $150 million in 2008. Furthermore, in 2012, the volume of trade between the two countries was US$56 million. As of 2013, Hungary has invested US$1.4 billion in the energy sector in Pakistan.

Hungarian-based MOL Pakistan Oil & Gas Company has been operating since 2004 in Khyber Pakhtunkhwa. The Hungarian Government also offered assistance to Pakistan during the 2011 floods and the 2005 Kashmir earthquake.

Additionally, after the completion of Gwadar Port, Pakistan’s economic and trade links with the regional countries will also increase including Hungary.

Furthermore, during Covid-19, bilateral trade between the two countries was slightly affected but online meetings proved to be a better solution. On average, around five million Pakistanis annually visit foreign countries for tourism and trade purposes. Hungary’s government is also working towards this domain for Pakistani tourists to visit Hungary.

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