THE Philippine Chamber of Commerce and Industry (PCCI) and the Hungary Chamber of Commerce and Industry (HCCI) signed a memorandum of agreement (MOA) to adopt and implement measures that would grow trade and investment between the two countries.
The Philippines was considered a priority country to connect with under Hungary’s “Opening to the East” policy, PCCI President George Barcelon said on Monday.
Signed by Barcelon and Hungarian Ambassador Jozsef Bencze on March 28, the agreement serves as a framework for development collaboration in 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.
Joint investment ventures that may be considered are aerospace, manufacturing, retail trade, food processing, water management, energy efficient technologies and applications of information technology and business process management.
Hungary is interested in getting trade and investment deals moving when Minister Peter Szijjarto of Foreign Affairs announced that low-interest credit line for joint trade and investment ventures would be made available by Hungary’s Export-Import Bank, Barcelon said.
Hungary supports a bilateral free trade agreement now being negotiated between the European Commission and the Philippines, another plus that would lead to broader and deeper access of Philippine products to the European market, the world’s largest integrated market.
The Hungarian embassy opened in 1991, but paused in 1995 until it re-opened on March 28. Marking its resumption was a Hungary Business Forum at the embassy.
The Department of Trade and Industry said Hungary is the Philippines’ 40th largest trading partner in 2016, 26th export market and 63rd supplier of imports.