“As the economy of Hungary depicts gradual recovery from the aftermath of the 2008 crisis we have strategized “Opening to the East” policy in order to diverge from the European markets. In this pursuant we seek to increase our engagement with the rapidly growing Indian economy”, said Peter Bilek, Vice President, Hungarian Investment and Trade Agency at an interactive meeting with a high level business delegation from Hungary being led by the Viktor Orban, Prime Minister of Hungary. The meeting was jointly organised by MVIRDC World Trade Centre Mumbai and All India Association of Industries. Calling upon Indian investments into the Hungarian economy Bilek said that the economy displays ease of doing business with low taxation rates, conducive business environment, subsidies and incentives to promote business.
Bilek added that there exists scope for cooperation in the MSME sectors of the economies in the sectors of agro, food processing, textiles, chemicals, technology, etc. Present on the occasion was Zsolt Pakozdy, Senior Economic & Commercial Counsellor, Embassy of Hungary. Pakozdy said the Hungarian economy invites the Indian business community in Hungary with business friendly laws. Indian investors seeking to invest in Hungary may apply for the Schengen visa. Also, Indian companies investing over US$ 15,000 can register for residential visa, he added.
Earlier, in his welcome address Vijay Kalantri, Vice-Chairman, MVIRDC World Trade Centre Mumbai and President, All India Association of Industries said that the bilateral trade between India and Hungary stands at US$ 600 million in favour of India. India’s exports to Hungary include organic chemicals, machinery & appliances, pharmaceuticals products, electrical machinery & equipments, auto & auto parts. India’s import from Hungary include machinery & equipments, electrical machinery, iron & steel, auto & auto parts, rubber & rubber articles, paper & paper articles, etc. However, Indian investments in the Hungarian economy stand at an US$ 1.5 billion.
Further, 500 business-to-business meetings with nearly 70 companies of Hungary were held. Representatives from the sectors of automotive, ICT, renewable energy, bio-pharma, construction, electronic goods, education, engineering, tourism, jewellery, water management, chemicals, machinery, food processing, textiles, legal services, logistics, furniture, financial services, international trade and developments, sports and social services participated in the meetings.