ISLAMABAD: Pakistan and Hungary on Friday agreed to work together to form a strong bilateral economic partnership as the latter announced establishing an exclusive credit-line of $84 million for Hungarian companies to do business with Pakistan, besides a loan facility of $50 million for projects in fisheries and food processing. This was announced after wide-ranging talks between the visiting Minister of Foreign Affairs and Trade of Hungary Peter Szijjarto along with a 17-member delegation, and Foreign Minister Shah Mahmood Qureshi, who led their respective delegations in the talks, which covered bilateral relations and exchange of views on regional and international issues.

Later, speaking at a joint news conference along with Foreign Minister Qureshi, the visiting Hungarian Foreign Minister Peter Szijjarto shared details of the decisions taken to enhance economic cooperation for the benefit of the two countries.

“We recognise the very rapid economic growth and development in this region,” Szijjarto said, adding that for the reason they have made decisions to improve economic cooperation for the benefit of both the countries.

First, his country has established a credit line to the extent of $84 million dollars to serve the purpose of enhancement of business to business cooperation between the companies of two countries, he added.

H said to enhance Hungarian physical presence in Pakistan, his country also established a new consular representation in Karachi.

“We are ready to provide $50 million dollars to Pakistan for the development of agriculture, water and food processing industry, with at least 50 percent participation of the Hungarian companies in these projects,” he further announced.

He said the two sides have also agreed on accelerating the negotiation on the agreement on mutual protection of investment, adding, we have already received the consent of the European Commission to start the negotiations.

Copyright Business Recorder, 2021