ISLAMABAD, MAR 4 /DNA/ – Ambassador of Hungary Dr. Zoltan Varga has said that Hungary and Pakistan enjoy traditionally friendly diplomatic relations and both countries have significant potential to enhance bilateral trade and investment cooperation.

He expressed these views while addressing an interactive session at the Islamabad Chamber of Commerce and Industry (ICCI) on Wednesday.

The ambassador said that Pakistan and Hungary celebrated the 60th anniversary of the establishment of diplomatic relations last year, which was marked by a number of business engagements between the two countries. He said that the Pakistan–Hungary Joint Economic Commission (JEC) also held its meeting last year and expressed hope that the next session would take place in Budapest next year to further promote economic cooperation.

Dr. Zoltan Varga noted that the current bilateral trade volume between Pakistan and Hungary stands at around 100 million dollars, which indicates strong potential for further growth. He said Hungary’s major economic presence in Pakistan is through MOL Group, the Hungarian oil and Gas Company, which has been successfully operating in the country for the past 26 years with mutual benefits for both sides.

He described Pakistan as a large and vibrant market of over 250 million people with enormous economic potential and said the Hungarian Embassy would be happy to facilitate business linkages and contacts between companies of the two countries.

The ambassador also informed the participants that the EU–Pakistan Business Forum scheduled next month would provide another opportunity to promote economic cooperation and strengthen business relations.

Earlier, in his welcome address, President ICCI Sardar Tahir Mehmood said that Pakistan and Hungary share a long history of cordial diplomatic relations and the business communities of both countries can benefit greatly from stronger economic engagement.

He said that the current bilateral trade between the two countries is approximately USD 100–120 million, with Pakistan exporting mainly textiles, leather goods and food products, while Hungary exports machinery, pharmaceuticals and specialized industrial products to Pakistan.

Sardar Tahir Mehmood said that despite the existing trade relations, there is substantial potential to expand cooperation in areas such as energy, information technology, pharmaceuticals, infrastructure development, agricultural machinery and technology-based industries.

He reaffirmed ICCI’s commitment to facilitating interaction between Pakistani and international businesses and said that the ambassador’s visit to the Chamber would help identify new opportunities for trade and investment collaboration between the two countries.

Senior Vice President ICCI Tahir Ayub also spoke and highlighted potential areas of cooperation, while appreciating Hungary for its economic progress and technological advancement.

Those prominent among the attendees included  Deputy Head of the Mission  Dr. Dora Gunsberger, Vice President Irfan Chaudhry, former President Shakeel Munir, executive members, Malik Mohsin Khalid, Zulqurnain abbasi, Ishaq Sial, Imran Minhas, Mirza Mohammad Ali, ,  Chairman Inter-Regional Coordination Committee ICCI Kashmir Zahir, former SVP Khalid Chaudhry, former  executive members  Chaudhry Mohammad Ali, Akhtar Abbasi and other.