Hungarian foreign minister leads business delegation to Islamabad amid investment push
ISLAMABAD: Top companies from Hungary are in Pakistan this week for business-to-business engagements with their counterparts, the Hungarian foreign minister said, as Islamabad pushes to seek investments from allies old and new to bolster its struggling economy.
The IMF's $7 billion Extended Fund Facility (EFF), approved last year, has played a key role in stabilizing Pakistan's economy in recent months and set it on the path of long-term recovery. However, Prime Minister Shehbaz Sharif's government has vowed to reduce dependence on foreign loans in the coming years and seek more direct investment.
'I have brought with me top business leaders from Hungary. They are meeting with their Pakistani counterparts in B2B sessions today, and we hope to see new partnerships and trade avenues open,' Hungarian Foreign and Trade Minister Péter Szijjártó, who led a 17-member Hungarian business delegation to Islamabad, said at a business forum on Thursday.
Key public and private sector representatives from both countries attended the business forum to identify sector-specific synergies. Hungarian delegates represented industries such as IT, agri-tech, water management, health tech and advanced manufacturing, sectors in line with Pakistan's development goals.
The Hungarian foreign minister also pointed to opportunities for collaboration in various sectors, including energy, agriculture, IT, food security, sports, and advanced manufacturing, and said a Hungarian private airline was exploring launching operations in Pakistan, indicating growing interest and confidence in the Pakistani market.
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Szijjártó called Pakistan an 'important economic partner' and emphasized Hungary's continued advocacy for Pakistan's preferential trade access to European markets under the GSP+ scheme.
'Hungary stands with Pakistan on the GSP+ front. It not only benefits Pakistan's exports but also strengthens EU-Pakistan relations through sustainable development and inclusive trade,' he said.
Commerce Minister Jam Kamal Khan, speaking at the business forum, welcomed Hungary's continued support for Pakistan's GSP+ status and praised Hungary's technological strengths, particularly in seed technology, agriculture feed, and the services sector.
'Our economic reforms are designed to improve ease of doing business, attract foreign investment, and create strong infrastructure to support sustainable growth,' said Kamal, highlighting several government initiatives such as the National Tariff Policy, Strategic Trade Policy Framework, Pakistan Single Window, and transit trade agreements with Central Asian countries aimed at enhancing regional and global trade integration.
On Thursday, Pakistan and Hungary signed an agreement to abolish visa requirements for diplomatic passport holders of both countries, along with two memorandums of understanding in the fields of culture and archaeology.
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