Pakistan, Hungary to boost trade

ISLAMABAD: Bilateral trade between Pakistan and Hungary is expected to increase to $250 million with mutual economic cooperation between the two countries, Hungarian envoy said on Wednesday

Béla Fazekas, ambassador of Hungary to Pakistan said bilateral trade had reached to $150 million in 2008, which has come down to $50 million at present.“Practical steps are needed to boost trade relations between the two countries,” he stressed.

Fazekas met former president Islamabad Chamber of Commerce and Industry (ICCI) Zafar Bakhtawari and former vice president of ICCI Ahsan Bakhtawari.

Fazekas said completion of Gwadar port would also help Pakistan and other regional countries to open new avenues in world trade.

“Air, road and rail links are essential for connecting Pakistan and Central Asian countries for mutual economic and trade purposes,” he added.

The ambassador said few upcoming agreements and memorandum of understanding (MoUs) would be signed soon to pave the way for mutual economic cooperation between the two countries.