Singapore has become the most important trade partner of Hungary in South-East Asia (ASEAN countries) after the volume of trade between the two sides reached 528 million US dollars in 2015, a Foreign And Trade Ministry official told Hungarian news agency MTI via telephone on Wednesday.
Gyula Budai, the ministerial commissioner for measures related to the Russian embargo, is on official visit to Singapore in order to attend events such as the Food and Hotel Asia expo and the ProWine Asia wine expo. During his visit to the ASEAN country, Budai will hold talks with high-ranking state officials as well as local business leaders.
Gyula Budai noted that last year’s trade volume between Hungary and Singapore could increase significantly in spite of a 6-month-long importing ban that was imposed on Hungarian agricultural products due to the threat of avian influenza also known as bird flu. Hungarian food products reached 5 per cent of the whole Hungary-Singapore trade volume in 2015, 50% more than a year before, Buda added.