Belik said that the main economic forecasts for Hungary show moderate increase in growth and stability. "Our government is striving to reach reduce government debt and the budget deficit," he added.
Devin Narang, Member, FICCI Executive Committee & Managing Director (Co-generation), Sindicatum Sustainable Resource, Sindicatum Carbon Capital India Pvt. Ltd, pointed out that the bilateral trade for 2012-13 between India and Hungary stood at US$ 586 million.
It registered a negative growth of 22% compared to the previous year. Total import of goods for 2012-13 was US$ 263 million and total export to Hungary was registered as US$ 324 million.
This trend needed to be reversed. Hungarian exports have hitherto been confined to high technology, industrial products, automobiles, telecom and IT. The export basket needs to be diversified, he said.
On the occasion, FICCI and HITA signed a MoU to promote trade and investment between India and Hungary. The MoU was signed by Ambika Sharma, Deputy Secretary General & Head (International), FICCI and Dr. Péter Faragó, Vice-President, HITA.
The MoU envisages carrying out activities for the promotion of trade exchange and investment between India and Hungary, with the purpose to accomplish better development of existing economic relations; exchange of non-confidential information and publications related to the development of exports between the two countries.