CII signs pact with Hungarian trade body

Wednesday, 18 September 2002, 07:00 Hrs
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NEW DELHI: A leading Indian business chamber has signed a memorandum of understanding (MoU) with its counterpart in Hungary to explore new areas of bilateral cooperation.

Arun Bharat Ram of the Confederation of Indian Industry (CII) signed the MoU with the Confederation of Hungarian Employers and Industrialists (MGYOSZ) during a visit to Hungary and the Czech Republic that ends Thursday.

The pact "would open an India-window in East Europe and explore new areas of cooperation between India and Hungary," the CII said in a statement issued here Wednesday.

The pact would strengthen trade and investment relations between the business communities of the two countries and help Indian businessmen to tap the hidden potential in the EU market by increasing exports to Europe, the CII said.

An important objective of the agreement is to explore the possibilities of cooperation between the Indian tractor industry and its counterpart industries in Central and Eastern Europe.

In Hungary, a CII delegation led by Bharat Ram held a series of meetings and seminars with representatives of leading trade organisations such as Invest and Trade Development Agency of Hungary.

The mission members also held interactive meetings and discussions with Gabor Szalay, the Political State Secretary in the Ministry of Economy of Hungary, and political and business leaders.

India's trade with the East European economies has been growing steadily over the past few years. The total bilateral trade between India and Hungary stood at $85 million in 2001.

While India's exports to Hungary stood at $66 million in 2000-01, its import from Hungary was $19 million during the same period.

Source: IANS
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