Hungarian foreign minister Péter Szijjártó has opened a foreign trade office in the Cambodian capital Phnom Penh on Thursday. The office is Hungary’s first representation in the Southeast Asian country for over twenty years.
Mr. Szijjártó told the Hungarian state news agency MTI after talks with Cambodia’s foreign, trade, development and tourism ministers that the country’s GDP growth rate exceeded 7% over the last two years, making it one of the fastest-developing economies in Southeast Asia. He said the areas in which Cambodia is looking to expand trade relations will play into the strengths of Hungary’s economy.
Mr. Szijjártó said Cambodia’s economy presents investment opportunities for Hungarian companies in the food processing industry, as well as the areas of animal husbandry and meat production. He said there is also a demand for Hungarian know-how in Cambodia’s IT sector. The country’s health-care system has also shown demand for Hungarian technologies, he said, adding that water management is another area in which Hungarian companies can invest. The foreign minister explained that he signed an investment protection agreement with Cambodian officials to support Hungarian companies doing business in Cambodia, adding that Hungary’s Eximbank will open a 26.7 million dollar credit line to assist those companies.