Islamabad, 5 January 2022 (TDI): Pakistani Foreign Minister, Shah Mehmood Qureshi was joined by the Hungarian Foreign Minister, Péter Szijjártó in the joint inauguration of the Hungary-Pakistan Trade and Economic Window (HPTEW) which was held virtually during the first Hungary-Pakistan Business forum.
Foreign Minister Shah Mehmood Qureshi called on Hungarian companies to take advantage of the investor-friendly climate Pakistan had nurtured and enter into joint ventures with Pakistani companies.
Shah Mehmood Qureshi placed an emphasis on the Special Economic Zones (SEZ’s) in Gwadar that were constructed under the CPEC project. He also added that an additional 16 SEZ’s were under construction with incentives pertaining to infrastructure, reduced costs of borrowing, and investor facilitation services.
Additionally, the government of Pakistan has added new incentives in several key sectors which include IT, electric vehicles, construction, and tourism industries.
The Foreign Minister also brought to light how Pakistan’s structural and policy reforms had improved the investment ecosystem. Pakistan has gone up 28 ranks in the world banks ease of doing business scale.
Hungary’s Minister for Foreign Affairs & Trade Mr. Péter Szijjártó called on Prime Minister @ImranKhanPTI today.
🇵🇰🤝🇭🇺 pic.twitter.com/Rb0iS8Lg0k
— Prime Minister’s Office, Pakistan (@PakPMO) April 30, 2021
He also highlighted how Pakistan has eased visa requirements for business professionals with a visa on arrival facility and vowed to do the same for visitor visas. The need for more air linkages was also discussed, as direct contact is imperative for continual economic growth.
The Hungarians also offered their expertise in the fields of agriculture, environment, food, water, and resource management. The Hungarian Foreign Minister, Péter Szijjártó also agreed on enhancing trade as well as boosting linkages to realize the socio-economic power of both countries
Shah Mehmood Qureshi extended an invitation to Péter Szijjártó to visit Pakistan at his earliest convenience. Not long after, Hungary established a credit line of 84 million USD for business-to-business cooperation with Pakistan and an additional 50 million for the tied aid programs.
“We have established a credit line at Hungarian EXIM bank to the extent of $84 million, which is exclusively to serve the enhancement of business-to-business cooperation between Pakistani and Hungarian companies, we are ready to provide $50 million for a tied aid credit program to be launched in Pakistan in the fields of agriculture, water, industry, and food processing” – Hungarian Minister
“This rolls the ball for the economic partnership we want to build” – Shah Mehmood Qureshi
The Hungarian Foreign Minister visited Islamabad and was accompanied by representatives from the top 17 Hungarian companies. These representatives interacted with Pakistani companies in a matchmaking B2B event under the Economic Diplomacy Initiative.
Additionally, both countries signed memorandums of understanding (MOU) for dairy production, pharmacy, and cyber security. Earlier Hungary had also helped Pakistan achieve the EU’s Generalised Scheme of Preferences Plus (GSP-Plus) status which allowed Pakistan to double its exports to Europe and also strengthened the diplomatic ties between both nations.
Additionally, both countries also exchanged views on the Financial Action Task Force (FATF) and agreed that it should not be used as a political tool but only to investigate money laundering and corruption.
Péter Szijjártó’s visit also marked the first time a delegation from Hungary had visited Pakistan in over 15 years. He recognized the security and economic significance of the region. Furthermore, Hungary established its consular representation in Karachi to extend its physical presence in Pakistan.
The two countries also signed an agreement to introduce 200 scholarships for Pakistani students in higher education. The agreement was signed by Pakistan’s Minister of Education Shafqat Mehmood and Hungary’s Foreign Minister Péter Szijjártó.
Very grateful to Hungary for the offer of 200 scholarships for Pakistani students. Signed an agreement today with the visiting Foreign Minister of Hungary in the presence of Pakistan FM Shah Mahmood Qureshi pic.twitter.com/1rfaBCvEaZ
— Shafqat Mahmood (@Shafqat_Mahmood) April 30, 2021
Foreign Minister Shah Mehmood Qureshi and his Hungarian counterpart held talks in the Foreign Office in Islamabad and agreed to work together to forge a strong bilateral and economic partnership.
The Hungarian Minister, Péter Szijjártó also indicated the importance of the mutual protection of bilateral investment as doing so would encourage Hungarian companies to invest in Pakistan.
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