Hungary has pledged its support for the development of Hungarian small and medium sized enterprises in Pakistan.

The pledge was made by Hungarian Export Promotion Agency during the third Session of Pakistani-Hungarian Joint Commission on Economic Cooperation (JCEC) in Islamabad.

The two sides agreed to establish a Joint Working Group on different sectors in order to enhance trade and investment.

They explored opportunities for joint ventures in sectors such as agriculture, energy, healthcare, information technology, and industrial manufacturing. Moreover, both sides committed to enhance cooperation through Special Investment Facilitation Council (SIFC) and Hungarian Investment Promotion Agency (HIPA).

In the agricultural sector, there was a strong focus on collaboration, with Hungary’s University of Agriculture and Life Sciences (MATE) offering support to Pakistan’s Agricultural Research Council (PARC) for research and the adoption of modern agricultural practices.

Deputy Minister of Hungarian Ministry of Defence Tamas Vargha in his remarks on the occasion said his country values its strategic relationship with Pakistan and is eager to support the development of joint ventures, particularly in high-tech industries, energy, and other sectors.