(from fourth right to left) Parragh, Ponevács-Pana, Soh and others at the signing ceremony.
KUCHING (Feb 24): The Federation of Malaysian Manufacturers (FMM) and the Hungarian Chamber of Commerce and Industry (HCCI) inked a memorandum of understanding (MoU) to support industrial development in both countries.
The MoU also serves to strengthen mutual understanding and cooperation between the business community of Malaysia and Hungary, according to a press statement.
This collaboration was established when HCCI president Dr Laszlo Parragh led a delegation on a visit to Malaysia from Feb 21-23, and the signing of the MoU was witnessed by Ambassador of Hungary to Malaysia Her Excellency Dr Petra Ponevacs-Pana.
FMM quoted the Department of Statistics Malaysia as saying the total trade between Malaysia and Hungary amounted to US$644 million in 2023, with exports of US$498 million and imports of US$146 million.
According to FMM president Tan Sri Soh Thian Lai, the MoU will provide more opportunities for Malaysian businesses to explore potential trade opportunities in Hungary.
“FMM welcomes investments from Hungary to Malaysia, given the strategic location of Malaysia in the Asean region coupled with the most recent signed free trade agreements, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and Regional Comprehensive Economic Partnership, which is the world’s largest free trade area in terms of combined Gross Domestic Product and market size — accounting for almost one-third of the world’s population,” he said.
Meanwhile, Parragh said that as Hungary’s second largest trading partner from the Asean region, Malaysia is welcomed to tap on Hungary as a gateway to the European Union’s market of close to 500 million population.
“I believe there are ample opportunities for future cooperation between members of both parties moving forward,” he said.
