Hungary announces $84 million credit line for Pakistan business

For Hungarian firms dealing with Pakistan, the Hungarian government declared an exclusive credit line of $84 million.

Along with this line of credit, the Hungarian Government announced, as detailed in The News, a loan facility of $50 million for fisheries and food-processing projects. Both sides will also seek to create direct air connections.

In the meantime, a cooperation memorandum was signed between the two sides under the Hungarian Government's Stipendium Hungaricum 2020-22 Framework, which provides Pakistani students with 200 scholarships a year to study in Hungary.

These trends were observed in extensive talks between Foreign Minister Shah Mahmood Qureshi, who is in charge of the Foreign Office, and Hungarian visiting Foreign Minister Peter Szijjarto, on Thursday. Prime Minister Imran Khan has also been named by the visiting dignitary.

"Bilateral and multilateral forums in Pakistan and Hungary enjoy warm ties and good partnerships. Foreign Minister Szijjarto's visit would enhance bilateral economic partnerships and shared understanding on foreign and regional issues," said Qureshi.

The talks included the exchanging of views on domestic and foreign matters and bilateral affairs.

"Foreign Affairs Minister Szijjarto, along with 17 business people, is visiting Pakistan. During the opening of the Hungary-Pakistan Trade and Economic Window (HPTEW), the foreign minister reiterated his earlier interactions with Foreign Minister Szijjarto," said the foreign minister.

Péter Szijjártó subsequently called on Prime Minister Imran Khan to emphasize the importance of building a robust economic partnership that matches the bilateral links and capacity of the two countries.

The Foreign Office said, "The Prime Minister emphasized the need to extend positive trade, energy, water resource management, food and agriculture, science and technology and higher education cooperation and requested the business community in Hungary to take advantage of Pakistan's business-friendly environment and make more investment into the state."