“Hungarian-Serbian cooperation is particularly important during a time of epidemiological crisis, in view of the fact that the reinforcement of relations favours both parties”, Minister of Foreign Affairs and Trade Péter Szijjártó declared on Thursday in Budapest after receiving Serbian Finance Minister Siniša Mali.

“In view of their interdependency, Hungary and Serbia have a mutual interest in each other’s economy protection successes”, Mr. Szijjártó told reporters. “The strengthening of Serbia favours Hungary, and the opposite is also true, as is the fact that the rebooting of our economies could be more successful together than alone”, he added.

Detailing Hungarian-Serbian economic relations, the Minister first highlighted the activities of large corporations, in view of the fact that, as he explained, the recovery of both countries is to a great extent dependent on this. “Hungarian energy company MOL has just begun the largest investment project in its history in Serbia, and OTP is currently providing the largest volume of Serbian credit. In addition, the Hungarian bank is expecting the volume of its Serbian loans to further increase”, he added.

Mr. Szijjártó said he expects the 25-million-dollar credit line opened to promote foreign investment will also result in an increase in Hungarian investments in Serbia. In addition, he called for an increase and acceleration of infrastructure investment projects, highlighting the rail link between Szeged and Subotica (Szabadka) and the modernisation of the Budapest-Belgrade railway line. With relation to the latter, he pointed out that China, which is involved in the project, will clearly be able to reinforce its influence in the world order following the coronavirus pandemic. The Minister said energy cooperation is particularly important to Hungary in view of the fact that 6 billion cubic metres of natural gas could arrive in Hungary via Serbia each year if the Turkish Stream gas pipeline is successfully connected to the domestic gas network.

The Minister said the Vojvodina Economic Development Program has been a success, in view of the fact that 46 billion forints (EUR 139 million) in Hungarian state funding has contributed to twice this volume in investments. “The funding has not come to an end; Hungarians from the southern territories can continue to count on the assistance of their mother country”, he added.

In agreement with Mr. Szijjártó, the Serbian Finance Minister said he also feels the reinforcement of relations are necessary in view of economic difficulties. According to Mr. Mali, relations between the two countries have never been so good, but a similar level of recession has also not been experienced for almost a hundred years. “Serbia regard’s Hungary’s economic protection measures as successful, and is counting on the related experiences to the same extent that it is counting on investments by Hungarian enterprises”, he added.

In reply to a question, Mr. Szijjártó said the enlargement of the European Community is one of the EU’s most important tasks. “Hungary is committed to the European integration of the Western Balkans, and regards Serbia as the region’s key state”, he added. “By admitting Serbia, the community would win from both an economic and security perspective, and accordingly the process should not be delayed, but rather accelerated”, he emphasised. For this reason, the Minister said he regards the fact that accession negotiations have still not begun with Serbia despite the fact that there remain no technical barriers to the commencement of talks as “incomprehensible and unacceptable”.

Siniša Mali thanked Hungary for its support with relation to EU enlargement, and said that Serbia would like to conclude the negotiations at the earliest opportunity. “Serbia accepts and is adhering to EU values, but the final decision must be made by the EU”, the Serbian Minister declared. Serbian-Hungarian economic talks could continue within weeks in Belgrade with the participation of Hungarian investors.

(Ministry of Foreign Affairs and Trade/MTI)