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Hungary seeks to expand strategic cooperation with India

Hungary is striving to expand its strategic cooperation with India both in terms of trade and joint investments, National Economy Ministry deputy state secretary Balazs Hidveghi said at a conference on India on Wednesday.

The government wants to multiply bilateral trade between the two countries, Mr Hidveghi said.

Last year, trade between Hungary and India came to about $630m.

Prime Minister Viktor Orban is expected to travel to India on an official visit in the spring of 2012, said prime minister’s commissioner for foreign trade and investment Zsolt Becsey.

Indian companies have so far invested about $1bn in Hungary, creating 6,200 jobs. Hungarian exports to India came to about $360m last year. Imports from India reached $270m.

About 58% of Hungary’s exports to India are mobile phones. Chemicals account for one-third of Hungary’s imports from India.

India’s ambassador to Hungary Gauri Shankar Gupta said there was great opportunity for bilateral cooperation in traditional industries such as leather working, textiles and farming, as well as in the IT, water management and waste management industries.