Funding doubled for Hungary-India projects

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The Hungarian-Indian joint economic committee agreed at a meeting in New Delhi today to double the funding available for joint developments and investments by business partners from the two countries, state secretary for foreign affairs and external economic relations Péter Szijjártó informed press service MTI.

The committee raised the amount available in the fund established for such partnerships from €2 million to €4 million, Szijjártó said. Both governments contributed an additional US$100,000 apiece to a fund that will support partnerships between Hungarian and Indian SMEs.

An agreement was reached that will allow Hungarian low-fare carrier Wizz Air to launch a direct flight between Mumbai and Budapest via Dubai.

Decisions were also taken to start talks with members of the Hungarian Water Industry Cluster on irrigation projects in India.

Another agreement is being signed allowing Hungarian companies to supply equipment for the ground services of India’s burgeoning Mars program, Szijjártó said.

Talks have also started on cooperation between the Hungarian Electricity Works (MVM) and its Indian partner in third countries, as well as on production opportunities for Hungarian oil-and-gas company MOL.

Next year, 200 Indian university students will get scholarships to study in Hungary.

Szijjártó said Hungary's government would sign strategic agreements with India-based CG Electric today. The maker of transformers employs more than 600 people in Hungary and talks on its further expansion are taking place.

Prime Minister Viktor Orbán will make an official visit to India in the second half of this week.

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