Israeli-Hungarian Joint Economic Committee meeting

The Hungarian-Israeli Joint Economic Committee met for the second time in Jerusalem on May 29 to discuss the possibilities of developing cooperation between the two countries,” the head of the Hungarian delegation, Szabolcs Takács, Assistant Secretary of State for Global Affairs in the Hungarian Ministry of Foreign Affairs said after the talks. The first meeting of this Joint Commission was held in 2009, in Budapest.

Last year, the value of trade between the two countries was USD 520 million, two-thirds of which were Hungarian products, especially machinery, while Israel exported mainly chemical products to Hungary. After the talks, a protocol was signed, which encompasses and stipulates all the areas of mutual interest, to be actively promoted in the upcoming years. It also

mentions the strategic agreement the Hungarian government signed in early May with the Teva Pharmaceutical Group, an agreement aimed at the development of co-operation primarily in research and development and innovation. In addition, the protocol includes the use of modern and efficient Israeli farming technologies as well as more active co-operation in proactive Hungarian ‘water diplomacy’,” the Deputy Secretary of State added.

Israel and Hungary agreed to advance their cooperation and activities in ten fields: scientific research and innovation (R&D), energy, investments, agriculture, water management, environment protection, healthcare, tourism, transportation, and bilateral economic relations.

Szabolcs Takács stated that in recent years, in addition to the real estate portfolios seen earlier, Israeli IT investments of higher added-value have also appeared in Hungary, and the aim set by the committee is the involvement of private sector investments in innovation in both countries.

"The operation of the Joint Committee is a positive message on the part of both countries, indicating that the cooperation has areas of promising perspective," he stressed, adding that “Israel is a major partner of ours in the Middle East region, and this is mutual: the most Central European investment from Israel comes to Hungary, to the tune of around EUR 3 billion."

A press release by the Israeli Embassy in Budapest says that this meeting of the Joint Economic Commission of Israel and Hungary indicates the sincere readiness of the two countries to continue development of their bilateral economic relations by creating a "Win-Win Situation" for the benefit of their citizens.

It adds that “the Embassy of Israel in Budapest will continue to be active in order to assist those Hungarian and Israeli entrepreneurs, who would like to use the many opportunities offered to them in this Protocol, and to engage in a successful and fruitful business with each other.”