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Israeli trade delegation visits Hungary

A high ranking Israeli trade delegation has visited Hungary at the beginning of March in order to further improve trade & investment relations between the two countries.

The visit was organized as a result of invitation extended by H.E. David Admon, Israel's Ambassador to Budapest who noted that „with an over 4 % increase in GDP and an almost 12% year-on-year industrial growth in 2006, Hungary is one of the most dynamic economies in Central Europe.” In a press release issued by the Federation of Israeli Chambers of Commerce Daskal noted that bilateral trade between Israel and Hungary has almost tripled itself from $173.4 million (€130.2 million) in 2003 to $496.4 million (€372.8 million) in 2006.

Israeli exports to Hungary in 2006 totaled $97.3 million (€73 million) while imports totaled $399.1 million (€299.7 million). The Federation of Israeli Chambers of Commerce as part of its policy to foster international trade links, among other things, is hosting incoming trade missions, and coordinating individual business meetings between foreign businessmen and chamber members. The FICC is also organizing outgoing trade missions aimed at cultivating business relations between Israeli and foreign companies. (chamber.org.il)