Agriculture and the food industry are the two key areas for the expansion of bilateral trade relations between Hungary and Laos, the Ministry of Foreign Affairs and Trade announced on Friday after Deputy Minister of Foreign Affairs and Trade László Szabó received the delegation of the Lao People’s Democratic Republic.

The Ministry reiterated in its communique that Hungary supported Laos with the development of a comprehensive food industry safety system in the country with aid credit facilities worth USD 8.6 million in 2009 and USD 30 million in 2016.

In each instance, the aid credit facility was used for the exportation of the products and services of Hungarian businesses, thereby significantly contributing to an increase in Hungarian exports to the region, they indicated.

At the meeting, Mr Szabó highlighted that Laos is an important partner of Hungary in the South-East Asia region which qualifies as the engine of global economic growth. The parties agreed that economic relations between Hungary and Laos are growing, and in the next few years efforts will have to be made to seek to retain the level of growth experienced in recent years.

The parties raised the idea at the meeting that it would be expedient to extend cooperation to further areas as well. The Lao party is open to the adoption of population registration systems and water management solutions, inter alia, the communique of the Ministry of Foreign Affairs and Trade reads.

(MTI)