On Wednesday Gyula Budai, Ministerial Commissioner at the Ministry of Foreign Affairs and Trade overseeing issues related to the Russian trade embargo, told Hungarian news agency MTI that Singapore is Hungary’s most important economic partner among the ASEAN countries (the Association of Southeast Asian Nations): trade volumes amounted to some USD 528 million in 2015.

Mr. Budai, who is on an official visit in the South-East Asian country, will attend the Food and Hotel Asia fair and the ProWine Asia wine fair in Singapore from 12–15 April. In addition, he will hold talks with high-level state leaders and representatives of Singaporean business life.

The Ministerial Commissioner said that last year’s trade volume was significant, despite the fact that for around six months bird flu had resulted in an import ban on Hungarian agricultural products. He added that last year Hungarian food products accounted for five per cent of total trade volumes, which is around half as much as in the previous year.

According to Mr. Budai, this has prompted Hungary to participate with an individual national stand at each of the two fairs. Twenty-four Hungarian winemakers will attend the wine fair, at which almost every Hungarian wine region will be presented. Eight Hungarian companies will participate in the food fair; Pick Szeged will showcase its products on a separate stand.

Singaporean Minister for Trade and Industry S. Iwaran also visited the Hungarian stand on Tuesday, taking part in bilateral talks with Mr. Budai. Hungarian wines were introduced to Singaporean importers at the evening event.

The most important meeting took place on Wednesday in the Animal and Plant Health Centre in Singapore, where Mr. Budai took part in talks with the head of the quarantine centre on extending the concessions for Hungarian food products. Mr. Budai said that five poultry- and seven pork-producing Hungarian companies currently have permits to export to Singapore.  

Mr. Budai added that Hungarian food market opportunities have been successfully expanded in order to offset the effects of the Russian embargo.

(MTI)