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Eastern Opening: Hungary To Boost Economic Cooperation With “Fastest-Growing” India

Tamás Székely 2015.05.21.

Economic cooperation between Hungary and India will soon see a phase of significant development, Foreign Minister Péter Szijjártó said in Mumbai. A recent IMF forecast says India’s economy will grow fastest in the world, which makes Hungary even keener to cooperate, Szijjártó said.

Szijjártó held talks with Devendra Fadnavis, the chief minister of Maharashtra state, a mainstay of India’s economy, on developing bilateral trade and tapping investment opportunities. IT and software development, automotive suppliers, the pharmaceutical industry, and food industry and water management were identified as key areas for developing cooperation, he said. Szijjártó said Indian investments in Hungary currently total 1.5 billion US dollars, noting that Apollo Tyres has recently started its 510 million dollar greenfield investment in northern Hungary, creating 975 new jobs.

The Foreign Minister noted that Hungarian exports to India have started increasing after declining last year and “there are good chances” that they will again exceed 200 million dollars this year. Szijjártó also held talks in Mumbai with Indian company managers including the chairman of the TATA group and the chairman of the Godrej Group. He noted that the number of Indian tourists visiting Hungary rose 57% last year to exceed 6,000.

via hungarymatters.hu, MTI photo: Foreign Ministry – kormany.hu