Hungary wants to expand trade ties

Chennai:

Hungary on Tuesday expressed its keenness to strengthen its trade ties in Chennai as it is an important economic hub and the economic base of the city is much broader than auto industry.

Addressing a business meeting organized by South India Chamber of Commerce and Industry here, Hungary ambassador Dr Janos Terenyi said that India is not a mere economic partner for Hungary as Budapest had political and economic cooperation with India much before it became a powerhouse.

Expressing his happiness over India’s economic growth, he stressed the need for different forms of cooperation as Hungary is the member of European Union and it has far reaching impact in the economic sphere.

He also said that there is no need to compare Hungary’s trade with China. “In China, the volume is bigger as we import more from the country but still we view our trade with India as more healthy,” he added.

He also urged investments to revive bus and truck manufacturing in Hungary. “During the Soviet era, Hungary which was a Soviet bloc had its task cut out to manufacture bus and trucks and now we want to revive this industry and are scouting for investors,” Terenyi said.