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Call for boosting trade with Hungary

NEW DELHI: Ferenc Gyurcsany, Prime Minister of the Republic of Hungary, on Friday said that liberalisation of the visa regime and allowing resident permits by both the countries could take bilateral trade relations to new heights.

Speaking at a business meeting organised by FICCI, CII and Assocham here, Mr. Gyurcsany said, “Our government is focusing on providing better and credible regulations with no political obstacles to enhance the investment from Indian companies and to facilitate the growth of the industry.” He described India as “a very reliable partner” for Hungary because of skilled and reliable employers and investors. Therefore, the Hungarian government was providing various incentives to Indian companies to enhance the investment in R&D; subsidy for employment creation and training; development tax benefit and the tailor-made incentive package for strategic investors, he added.

Abel Garamhegyi, State Secretary, MET, Hungary, said “Our focus is to increase the bilateral trade from 300 million euro to 500 million euro. We seek investment in R&D, innovation, high added value, knowledge based economy, healthcare and the defence sector”.

He said the Hungarian government would provide customised incentive package to strategic investors for the 10 million euro investments in terms of cash subsidy, development tax allowance and training subsidy.

Anand Sharma, Minister of State for External Affairs said the liberal policy of the Hungarian government was investor-friendly. He said agro-processing and foodprocessing were areas in which both the countries could cooperate. To further strengthen the bilateral relations, the Indian government was seeking investment in sectors such as tourism, infrastructure and biotechnology.

Phiroz Vandrevala, Member, CII National Council and Executive Director and Head, Global Corporate Affairs, Tata Consultancy Services, had suggested measures to promote bilateral economic links such as education, healthcare, biotechnology, IT and other services and joint ventures in infrastructure projects.

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