“Cooperation with Portugal is facilitating the competitiveness of the Hungarian economy”, Minister of Foreign Affairs and Trade Péter Szijjártó said on Thursday after arriving in Lisbon for a two-day official visit.

The politician highlighted the transition to a digital economy, Hungary’s Southern Opening policy, and the “corresponding of interests” between the two countries with relation to future economic relations between the European Union and Great Britain as areas of cooperation between the two countries.

The relation to the first, Mr. Szijjártó stressed that the success and continued growth of the Hungarian economy is fundamentally dependent on how effectively it is capable of transitioning into the new digital age, in which the use of totally new technologies is being propagated and becoming commonplace at a rapid rate.

The Minister pointed out that the 6 billion dollar Hungarian-Portuguese East West European Venture Capital Fund has already begun operations.

During the next eight years the fund will be investing in Hungarian and Portuguese small and medium-sized enterprises that have growth potential and which help the digital transition of the private and public sectors with their solutions and developments.

Mr. Szijjártó also pointed out that within the framework of its Southern Opening policy Hungary had become an observer member of the Community of Portuguese Language Countries (CPLP) to enable it to realise joint projects and investments with Portugal in Latin American and African countries, primarily within the fields of water and waste management, which are among the Hungarian economy’s strongpoints.

“It is critically important with relation to the future performance of the Hungarian economy that the European Union and Great Britain maintain a close economic cooperation”, the Minister said, stressing that Portugal also supports the establishment of an as wide-ranging as possible free trade agreement following Brexit.

Mr. Szijjártó also spoke about the fact that the number of Hungarian tourists visiting Portugal is significantly increasing thanks to daily direct air passenger services.

This is also linked to the fact that one of Portugal’s highest quality hotel chains is planning hotel investments in Hungary and “its decision is reaching its final stage”, he said, adding that Portuguese automotive industry and logistics companies are also showing interest in investing in Hungary.

During his visit to Portugal the Hungarian Foreign Minister will be attending a business forum with the participation of 30 Portuguese companies, will hold a meeting with his Portuguese counterpart Augusto Santos Silva, and will be presenting Hungary’s Honorary Consul to Porto Luísa Amorim with her official credentials.

(MTI)