Hungary offers assistance in agriculture, fisheries

Highlights possibility of providing interest-free credit line

ISLAMABAD: Pakistan government would extend full cooperation and support to strengthen trade and economic ties with Hungary, said Adviser to Prime Minister on Commerce and Textile Abdul Razak Dawood.

In a meeting with Hungarian Ambassador István Szabó on Wednesday, the PM aide stressed that agriculture played a pivotal role in Pakistan’s economy as it accounted for around 20% of the gross domestic product (GDP).

“Agriculture not only ensures food and raw material supplies but also provides employment to a large part of the population,” he said.

The adviser welcomed the planned establishment of the Hungarian National Trading House in Karachi. He asked Hungary to convey suitable dates for organising the first Pakistan-Hungary Business Forum in Pakistan and also indicate the areas of interest.

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Both sides agreed to boost bilateral trade and investment through a proactive approach and improved collaboration. The Hungarian envoy offered technical assistance to Pakistan in the areas of agriculture, livestock, fisheries and food processing.

He pointed out that Hungary had achieved impressive progress in the agriculture sector through the introduction of modern technology, research and improved farm practices. “Hungary also offers the possibility of providing an interest-free credit line,” he added.

The ambassador said the inaugural session of Pak-Hungary Joint Economic Commission was held in September this year at Budapest, which paved the way for enhanced economic cooperation between the two countries. He noted that Hungary had already invested in the oil and gas sector of Pakistan and the Hungarian MOL group was operating in collaboration with local partners.

Published in The Express Tribune, November 14^th, 2019.

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