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Last updated: 29 May, 2022  

Hungary.9.Thmb.jpg India now seen as production hub, not just as market: Minister

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FICCI | 29 May, 2022

Minister of State for External Affairs Meenakashi Lekhi on Friday said that post COVID as the borders are opening and business also opens up, India is seen as a production hub and not just as a market and we are able to bring in more business to India and benefiting everyone.

"When India benefits everybody else also benefits out of us. And we hope greater business success in coming days for everyone," she added.

Addressing the 'India-Hungary Business Forum', organized by FICCI, jointly with the Embassy of Hungary, New Delhi, Lekhi said that apart from the nuclear energy and the solar alliance in which India is working rapidly, we also need to focus more green hydrogen. Inviting Hungary to collaborate in this sector she said,

"This is another area where cooperation can come and maybe simultaneously, we can manage the wastes and solid waste management can be part of this very functionality," she added.

Lekhi further said that with regard to the east, as far India is concerned, the investments and businesses come with no hidden agenda and its business as business.

"We already have seen a rise of business between Hungary and India to the extent of 18 percent and even during COVID which shows that no matter how difficult the circumstances are, but to establish a relationship of trust, that trust will overtake everything else, and that's the situation between Hungary and India," she added.

The Minister also highlighted that India has invested more in Hungary as compared to Hungary's investment in India.

"I will seek more investments coming in from Hungary as well to India as the costs will go down. Because of large consumer base, the cost and availability of materials, the production cost is likely to go down. The distance between the two countries can only be cooped up by producing in India and making it in India for the world," she emphasized.

Minister of Foreign Affairs and Trade of Hungary Peter Szijjarto,  said that the vision of the new Hungarian government is to protect and defend our achievements which we have achieved so far when it comes to safe supply of energy and economic security as well.

"In order to reach to these goals can be done via cooperation of the Indian companies and Indian economy as well," he added.

He also highlighted 4 key areas for a stronger India-Hungary relations which include political issues, people to people contact, contractual conditions and extending Line of Credit of 550 million euros exclusively to finance India-Hungary business to business cooperation.

Szijjarto further stated that Hungary is building a new nuclear power plant which will be commercial by 2030 and we are also making significant solar investments.

"By 2030, generation of energy will be free of carbon emission to the extent of 90 percent. But we want a stronger cooperation in solar energy investment, and we have also joined the International Solar Alliance and with that we hope to accelerate our investments into solar energy," he added.

Senior Vice President, FICCI, Subhrakant Panda, on behalf of FICCI signed an agreement with Hungarian Investment Promotion Agency (HIPA) to promote trade & investment between two countries.

He said that Hungary is an important partner for India. "An active engagement with Hungary will have a positive impact on India-EU relations" he added.

Panda said that in order to further take the India-Hungary trade relations to newer heights, 4 key areas require cooperation which include Electronics, ICT, Digitization and 5G technologies; focus on renewable energy where both countries can work on developing green technologies at affordable cost; enhancing India's connectivity with Hungary extending to EU, Baltic and Nordic regions; and jointly cooperating in diverse sectors including ayurveda, oil exploration, educational and cultural exchanges.

Arun Chawla, Director General, FICCI said that India-Hungary Business Forum is an initiative by FICCI in collaboration with the Embassy of Hungary in New Delhi to cement business ties between our two countries.

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