The Hungarian-Philippine joint economic committee held its inaugural meeting in Budapest on Wednesday, official government website kormany.hu reported.
The sides agreed to deepen cooperation in the areas of water management, farming, the food industry, food safety and ICT, said István Joó, deputy state secretary at the Hungarian Ministry of Foreign Affairs and Trade. Philippine authorities plan in May to visit a number of Hungarian meat companies which have applied for export licenses, he added.
Ceferino Rodolfo, undersecretary of the Philippine Department of Trade and Industry, said the meeting of the joint economic committee would contribute to stronger trade ties. He named fish, pet food and manila hemp among possible export opportunities.
The Hungarian Export Promotion Agency (HEPA) hosted a business forum attended by representatives of almost 50 Hungarian and 10 Philippine companies earlier this week. The participants were informed that Magyar Eximbank has opened a more than USD 600 million credit line to support partnerships between Hungarian and Philippine businesses.
Bilateral trade between Hungary and the Philippines rose 15% to USD 222 million last year. Hungarian exports accounted for USD 65 mln of the total.