Islamabad: Ambassador of Hungary to Pakistan Béla Fazekas on Wednesday (October 13) vowed to increase bilateral trade with Pakistan to USD 250 million, news sources reported.
In a meeting with Zafar Bakhtawari, former President of the Islamabad Chamber of Commerce and Industry (ICCI), he stated that the commercial potential between the two countries is enormous and that there are many unexplored opportunities. According to the ambassador, bilateral trade between the two nations has dropped to USD 50 million, from USD 150 million in 2008. On the occasion, the ambassador also stated that the Hungarian government is considering signing a series of Memorandums of Understanding (MoUs) and launching direct flights between the two countries to benefit from tourism potential and increased people-to-people contact, which would aid in the development of bilateral relations.
During the meeting, ICCI President Bakhtawari stated that with the completion of Gwadar port, commerce would quickly take up speed, as it will improve connection and ties with the Central Asia Republics (CARs). On the occasion, the former vice president ICICI vice president Ahsan Bakhtawari was also present.