PCCI forges economic pacts with Hungary

MANILA, Philippines - The Philippine Chamber of Commerce and Industry (PCCI) has forged an agreement with its counterpart in Hungary to beef up bilateral trade and investments between the two countries.

The PCCI said the group together with the Hungary Chamber of Commerce and Industry would work toward adopting and implementing measures that would grow trade and investments between the Philippines and Hungary.

PCCI president George Barcelon said the Philippines was considered by Hungary as a priority country to connect with under the latter’s “Opening to the East” policy.

“This was due to opportunities offered by the Philippines with its sustainable strong economy, skilled population, increasing purchasing power of its middle class, and spending for infrastructures to improve competitiveness,” Barcelon said.

Barcelon said the Philippine business community considers Hungary as a market for Philippine farm products, electronic components, automotive parts, processed food, jewelry and personal care, and tourism.

Joint investment ventures, meanwhile, can be considered in the fields of manufacturing, food processing, aerospace, applications of information technology and business process management, water management, retail, and energy efficient technologies.

The agreement signed between the PCCI and the Hungary Chamber of Commerce and Industry will serve as a framework for both sides to collaborate in development of key industries that require skills and links with small and medium enterprises, business matching and networking, exchanges of commercial delegations, and assistance for settling disputes.

The Hungarian embassy in the Philippines reopened last March 28 after closing in 1995.

The Department of Trade and Industry said Hungary ranked as the Philippines’ 40th largest trading partner in 2016, 26th in the export market and 63rd as a supplier of imports.