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India's ambassador to Hungary

Hungary to expand strategic cooperation with India

D&T
November 23, 2011

Hungary is striving to expand its strategic cooperation with India both in terms of trade and joint investments, Deputy State Secretary in Hungary’s National Economy Ministry, Balázs Hidveghi told a conference on India this Wednesday.

At the Budapest conference, the Deputy State Secretary confirmed that the Hungarian government wants to multiply bilateral trade between the two countries. Hungarian PM Viktor Orbán is expected to travel to India on an official visit in the spring of 2012, according to Zsolt Becsey, the prime minister’s commissioner for foreign trade and investment.

In 2010, the volume of trade between Hungary and India was about USD 630 million. Indian companies have so far invested about USD 1 billion in Hungary, creating 6,200 jobs. Hungarian exports to India came to about USD 360 million last year. Imports from India reached USD 270 million. About 58% of Hungary’s exports to India are mobile phones. Chemicals account for one-third of Hungary’s imports from India.

The Indian ambassador to Hungary, Gauri Shankar Gupta pointed out there was great opportunity for bilateral cooperation in traditional industries such as leather working, textiles and farming, as well as in the IT, water management and waste management industries.

D&T

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