Razak appreciate Hungary’s support for GSP-Plus status to Pakistan

ISLAMABAD, Apr 30 (APP): The Adviser to Prime Minister on Commerce and Investment, Abdul Razak Dawood on Friday acknowledged the government of Hungary’s support in the European Union (EU) for award of Generalized Scheme of Preferences (GSP-Plus) status to Pakistan.

The Adviser highlighted the cordial relations between Pakistan and Hungary and thanked the government and people of Hungary assistance in EU for increasing the trade and economic relations between two sides, said a press release issued by Ministry of Commerce here.

Minister of Foreign Affairs and Trade, Republic of Hungary, Peter Szijjarto accompanied by eight member delegation called on Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood.

During the meeting matters pertaining to bilateral trade and investment came under discussion.

He appreciated the Hungarian investment in Oil and Gas sector and indicated opportunities for Agro and food processing, water conservation, Information Technology, engineering and manufacturing sector for investment.

Adviser to the PM on Commerce and Investment appraised the visiting delegation of various initiatives Pakistan has embarked upon to enhance regional connectivity.

Being a member of TIR Convention Pakistan is also upgrading the rail and road infrastructure link to enhance regional connectivity particularly with China, Afghanistan and Central Asian Republics, he informed.

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Since the Hungarian Ambassador to Pakistan, Bela Fazekas is also accredited to Afghanistan; the Advisor also apprised that to enhance regional connectivity and to have access to Central Asian Republics, Pakistan has filed a joint appeal with Uzbekistan and Afghanistan in World Bank and other IFIs for development of Trans-Afghan Railway.

The Adviser also emphasized the importance of China-Pakistan Economic Corridor (CPEC) as a Flagship infrastructure project which aims at promoting regional connectivity through Gwadar Port.

It was also highlighted that Pakistan intends to develop Gwadar Port as a trade and transit hub for the region.

He said the investment incentives of nine Special Economic Zones (SEZs) to be developed alongside CPEC are open to all trading partners for investment and Pakistan would welcome joint ventures.

The Hungarian side apprised about the offer of a Tied Aid Credit Facility, a credit facility of $ 50 million for cooperation in Agriculture sector, particularly in agro and food processing.

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This may prove to be a fruitful opportunity, which could be mutually beneficial to both the countries.

The Hungarian side showed interest in bilateral cooperation in railways, cyber security, agro and food processing, dairy and livestock and fisheries sectors.

The Hungarian Foreign Minister conveyed that the EXIM Bank of Hungary has a preferential credit line of $ 84 million to promote business to business cooperation between Pakistani and Hungarian companies.

He further indicated the plan of initiating a direct flight by the Hungarian airlines between Pakistan and Hungary.

The Minister indicated the necessity of concluding an agreement on the mutual protection of bilateral investment and expressed the hope that this would encourage many Hungarian companies to invest in Pakistan.

Chairman, Board of Investment Atif R. Bokhari highlighted the friendly investment regime and compared it with the countries in the region.

He further conveyed the incentives Government of Pakistan is providing to the foreign investors, particularly in Special Economic Zones (SEZs).

Both sides reiterated the commitment of continuous engagement to further enhance economic cooperation, bilateral trade and investment.