Szijjártó reports on two days in India
Hungary and India will establish a joint fund to support business partnerships between SMEs in each country, Foreign Trade Secretary Péter Szijjártó informed from Mumbai after two days of talks in India.
Each country will contribute €1 million to the fund at the start, Szijjártó explained, going on to say that Indian business leaders see growing demand for food and energy, creating an opportunity for Hungarian farm technology and renewable energy know-how.
Szijjártó announced his opening of talks with the Tata Group on further investments in Hungary. At present, Tata Consultancy Services employs 1,000 people in Budapest, but headcount will rise further, he added.
The secretary highlighted the automotive industry as among those sectors that can expand business ties between Hungary and India. Talks on cooperation between associations of Hungarian and Indian automotive industry suppliers have started and an agreement could be signed when Hungarian Prime Minister Viktor Orbán makes an official visit to India on October 17-18, said Szijjártó.
Hungarian oil and gas company MOL and its Indian peer have already teamed up in an exploration project and are open to further cooperation, he said.
Finally, Szijjártó discussed amending the agreement on air travel between the two countries with Indian Foreign Affairs Minister Preneet Kaur. The changes would allow Hungarian low-fare airline Wizz Air to add a stop to Mumbai on its Budapest-Dubai flight. At present, there is no direct flight between the Hungarian capital and Mumbai.
Szijjártó has also met with the co-chairman of the Hungarian-Indian Joint Economic Committee Saurabh Chandra as well as with head of the Automotive Component Manufacturers Association (ACMA) Vinnie Mehta during the visit.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.