Hungarian business delegation to visit Pakistan in March to explore investment opportunities: Envoy

Lahore, December 04, 2013 (PPI-OT): A big sector-specific top Hungarian business delegation will visit Pakistan in the month of March to explore investment opportunities and promote bilateral trade. This was stated by Ambassador of Hungary Istvan Szabo while addressing the members of Lahore Chamber of Commerce and Industry (LCCI) on Wednesday.

LCCI President Engineer Sohail Lashari presented the address of welcome while Senior Vice President Mian Tariq Misbah, Vice President Kashif Anwar, Executive Committee Members Mohammad Aslam Chaudhry, Muhammad Haroon Arrora, Jabbar Khalid, Honorary Consul Mehtab Mohyuddin and former LCCI Vice President Saeeda Nazar also spoke on the occasion.

The Ambassador said that it would a great opportunity for business community of Pakistan to expand their businesses to Europe countries as Hungary is situated in the centre of Europe. He said Pakistan is of great importance to his country and wants to enhance mutual cooperation. He said that mutual contacts between the chambers of two countries should be increased and the exchange of trade delegations could help promote trade relations.

The Ambassador said that there are trade and investment opportunities in Information Technology, automobiles, medical and diagnostic equipment, Agriculture, Environment Protection, Renewable energy, Telecommunication equipment and garbage recycling. He said that Pakistani businessmen could avail Hungarian expertise in these areas.

He said that there are immense trade and investment potential in Pakistan too and he would play its due role to enable the two countries to come further close as far as economic ties are concerned. He said that negative perception of Pakistan being portrayed by international media needs to be eliminated to mobilise foreign investment inflow into Pakistan.

He urged the Lahore Chamber of Commerce and Industry to enhance its interaction with Hungarian Chambers of Commerce to increase the bilateral trade of both the countries. He said that Hungary is situated in the middle of Europe and easy access to other European markets therefore any investment made in that country is bound to earn rich dividends.

Speaking on the occasion, the LCCI President Engineer Sohail Lashari emphasised the need for exchange of information on market studies, business delegations, single country exhibitions in both the countries and signing of MoU with Hungarian Chamber of Commerce and Industry.

He said that Hungry is Pakistan’s important trading partner. In fiscal year 2012 bilateral trade stood at $47.24 million in favour of Hungry. Pakistan exported $13.42 million worth of goods to Hungry, while imports stood at $33.82 million.

The LCCI President said there are vast prospects of expansion of bilateral trade including joint ventures in textile, agro-based industry, leather goods, oil and gas and Information Technology. Pakistan is known world-wide for all types of leather and leather products, organic as well as inorganic agro-based products and food items, sports goods and surgical instruments.

Pakistan could supply all types of textile goods such as ready-made garments, home textiles and knitwear (hosiery) items to Hungary markets. Hungary’s vast technical know-how in the fields of oil and gas exploration, chemicals and heavy industries may provide the basis for technology transfer to Pakistan in these areas.

Engineer Sohail Lashari said that Hungarian co-operation in oil and gas sector through Hungarian based MOL Pakistan Oil and Gas Co since 2004 in KPK is an indicative of the fact that there exists enormous potential for foreign companies in this sector. He suggested that more and more Hungarian companies should further enhance its business in the oil, gas and power sector in Pakistan.

For more information, contact:
Shahid Khalil
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan
Tel: +9242 111 222 499
Fax: +92 42 636 8854

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