ISLAMABAD :Ambassador of Hungary to Pakistan, Béla Fazekas on Wednesday pledged to increase bilateral trade with Pakistan to US $250 million, paving new avenues for bilateral economic cooperation.

The two countries had potential for bilateral trade in a number of sectors that needed to be further explored and work needed to be done in new areas, he said.

The Ambassador said this in a meeting with the farmer President Islamabad Chamber of Commerce and Industry (ICCI) Zafar Bakhtawari and farmer Vice President, ICCI Ahsan Bakhtawari in embassy of Hungary said a news release issued here.

He said bilateral trade between the two countries had reached to $ US150 million in 2008, which had come down to US $ 50 million at present. The Ambassador said few upcoming agreements and Memorandum of Understanding (MoUs) would pave the way for mutual economic cooperation between the two countries which would be signed soon.

He said completion of Gwadar port would also help Pakistan and other regional countries to be connected in world trade. After the completion of Gwadar Port, economic and trade links in the regional countries would also increase and bilateral trade with Central Asian Countries.

On the occasion, the Ambassador agreed with Senior businessman leader, Zafar Bakhtawari saying that direct air flight between Pakistan and Hungary was important and they were considering it. The Ambassador expressed the hope that he would like to further enhance

bilateral trade between the two countries to pave new avenues for trade and economic relations between Pakistan and Hungary.

He said few practical steps were needed to boost bilateral trade relations between the two countries, on which both countries were working on.

The Ambassador said Pakistan-Hungary Friendship Group of Parliamentarians was playing an important role in improving the relations between the two countries.
He said during the Covid-19, bilateral trade between the two countries had been affected but online and digital meetings were a better solution.

On the occasion, former president of Islam Chamber of Commerce and Industry, Zafar Bakhtawari said direct air link between the two countries would not only improve trade relations between the two countries, but also increase
people-to-people contacts.

He said every year on average around five million, Pakistanis visit foreign countries for tourism and trade purposes, adding that the Hungary’s government was considering this area and wanted to attract them to come to Hungary.

He said air, road and rail links were essential for connecting Pakistan and Central Asian countries for mutual economic and trade purposes.

On the occasion, farmer Vice President ICCI, Ahsan Bakhtawari said there were many similarities between the people of Pakistan and Hungary which would help develop economic and trade relations between the two countries.

While Ahsan congratulated the Hungarian oil and gas company MOL for receiving medal of highest honor of Pakistan,’Sitara-e -Imtiaz in recognition of its valuable services in Pakistan.