As a first step, the Singapore-based company will build a €5 mln plant in Miskolc, northeastern Hungary, creating 200 jobs, he added. Szijjártó participated at a Singapore business association event that showcased twelve Hungarian startups, among them mobile payment company Cellum, owned by former economy minister János Kóka.

Cellum will invest €4 mln at its Asian headquarters in Singapore in the coming years. Opportunities are available in Singapore for Hungarian exporters in the premium food and wine, software development and health and beauty sectors, he said.

Hungaryʼs Eximbank has opened a $600 mln credit line to support cooperation with businesses in Singapore, he added. Hungary is committed to seeing a free trade agreement signed between the EU and Singapore as soon as possible, he said. Szijjártó said the sides agreed during his visit to review a double taxation avoidance pact between the two countries.