Phl, Hungary to strengthen ties

MANILA, Philippines -  The Philippines and Hungary are looking to bring their bilateral ties to new heights following the signing of an economic cooperation agreement and the re-opening of the embassy of Hungary in Taguig.

Trade and Industry Secretary Ramon Lopez and Hungarian Minister for Foreign Affairs and Trade Peter Szijjarto have signed the accord which aims to create a Joint Economic Commission (JEC) for both sides to serve as a platform to discuss trade, investments, economic cooperation and other related matters.

Lopez said the JEC would be a venue to discuss sectors or areas of mutual interests, as well as means to broaden and intensify cooperation between both countries.

On trade, the Philippines is determined to promote products such as electronics, auto parts, processed food, costume jewelry/giftware, and personal care products to Hungary.

Meanwhile, sectors eyed for investment promotion include manufacturing, aerospace, processed and specialty food, IT-BPM, energy efficiency technologies, retail, and training center.

 “The Philippines can also capitalize on Hungary’s strengths and expertise to enhance implementation of existing industry roadmaps on automotive, electronics, pharmaceuticals and medical technology, information and communications technology and food,” Lopez said.

 In 2016, Hungary ranked as the Philippines’ 40th trading partner (out of 226), 26th export market (out of 213) and 63rd import supplier (out of 206).