Hungary has concluded an economic cooperation agreement with Malaysia; the document was signed on Friday by Minister of Foreign Affairs and Trade Péter Szijjártó and Malaysia’s Minister of International Trade and Industry Darell Leiking.

“The growth average of the countries of Southeast Asia is much higher than the usual global trends. Export performance is a determining factor for countries like Hungary that have highly open economies, and it is important for us to maintain close and successful relations with the Southeast Asian region”, Mr. Szijjártó emphasised. “Malaysia is one of the leaders in this region, its economy is growing particularly quickly, and it is also becoming an increasingly attractive investment destination for the world’s largest corporations”, he added. The Minister also mentioned that this year Hungary and Malaysia are celebrating the 50th anniversary of the establishment of diplomatic relations. “Relations between the two counties are determined by mutual respect, and the parties are prepared to gain further mutual advantages from this cooperation”, the Hungarian Foreign Minister declared. “The newly signed agreement means more economic and trade cooperation opportunities between the two countries”, he explained. Mr. Szijjártó said that last year bilateral trade flow was 580 million dollars, increasing by a further 13 percent during the first nine months of this year. “Agriculture and the food industry play an important role in trade between the two countries, and will play an even more important role in future in view of the fact that the authorisation of import licences for several Hungarian food industry products, beef, poultry and rabbit meat, is in its final stage”, he indicated. Mr. Szijjártó also spoke about the fact that Malaysia’s economy has an increasingly high level of technology.

According to the Minister, it is particularly important that 12 Hungarian start-ups have received or will be receiving an opportunity to present themselves on the Malaysian market. “In addition, similarly to their Chinese, Japanese and Korean competitors, more and more Malaysian enterprises are appearing on the European markets, and increasing numbers of Malaysian enterprises are purchasing European companies ofr realising investment projects”, the Minister said, announcing that an agreement has been reached with a Malaysian rubber industry company on a 400-million-dollar investment project in Eastern Hungary that will create 400 new jobs, and which is expected to be finalised in the upcoming months. “Hungary firmly supports, and indeed expects the new European Commission to recommence free trade negotiations between the EU and Malaysia”, the Minister emphasised. “Hungary has invested a lot in its own competitiveness, and as the global economy becomes increasingly free and unhindered, its competitiveness is increasing parallel to that. Hungary is one of the world’s 35 countries that are capable of exporting over 100 billion euros-a-year, and for precisely this reason it is in its fundamental interests for trade between the members states of the European Union and Malaysia to be as unhindered as possible”, Mr. Szijjártó explained.

Minister Darell Leiking spoke, amongst others about the fact that the economic cooperation agreement represents another milestone in relations between the two countries, adding that it is important that economic relations should rise to a new level. “The next step is for us to learn from Hungary, about how the Hungarian economy was able to grow”, he stated. Mr. Leiking said that in his opinion Hungarian experiences could be useful to several Asian countries, stressing that Malaysia supports the announced investment project and is striving to realise further investment, and Malaysia is also awaiting Hungarian investors.

(MTI)