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Hungarian, Turkish economy ministers discuss ways to boost business ties

Hungary's Development and Economy Minister István Varga discussed ways to boost economic ties between Hungary and Turkey with Nihat Ergun, Turkish minister of industry and commerce in Budapest on Monday.

The two ministers agreed on establishing an industrial sub-committee within the Hungarian-Turkish economic joint committee to boost bilateral businesses.

Talking to reporters following the talks, Varga noted that bilateral trade was experiencing a temporary fallback, but he saw a good chance to reach the earlier level of two billion dollars a year soon.

Ergun said that results of the meeting would help cooperating Hungarian and Turkish businesses to succeed in the markets of third countries.

Turkish direct investment in Hungary reaches $67.5 million, with the 400 companies present include Celebi Ground Handling, New MGM, Polat Holding, Ege Seramik and Halkbank.

Turkey is Hungary's 18th export market and is the fifth biggest trade partner outside the European Union. (MTI-Econews)