Developing economic relations between Hungary and the sub-Saharan nations holds great potential, Minister of National Economy Mihály Varga said in Budapest on Friday.
Hungary's role in African business life as a manufacturer of high-tech industrial products and a supplier of farm products has room to grow far more important, he stated, opening an African-Hungarian Business Forum, a fringe event of a two-day Africa Forum organised by the Ministry of Foreign Affairs.Despite robust increases in bilateral trade over the past few years, African countries still account for merely 0.9% in Hungary's foreign trade, he added.
One of the key goals of the Hungarian Government's foreign trade strategy is to pay more attention to developing trade relations with emerging economies including the Sub-Saharan countries, while maintaining and possibly strengthening Hungary's position in the European Union, the Minister highlighted. Great business potential is evident in sectors such as the vehicle and electronic industries, the energy industry, industrial automatisation, manufacturing of hospital equipment, pharmaceuticals, medical instruments, as well as farm products and technologies, he pointed out, adding that he was pleased to see that Hungarian companies have started to rediscover the African market. The Minister noted that Hungarian companies are involved in mining, refinery, village electrification, water management and agricultural development projects in Nigeria. A Hungarian enterprise has won a software development tender covering 15 African countries, while another company will supply the equipment and software for producing Sudan's new personal identity cards, he noted.
In recent years, more than half of Hungarian exports to Africa went to the Republic of South Africa and almost half of imports also came from there, he said. Participation in African development projects, for which there is great competition among economies, is also important to Hungary, Sudan's State Secretary for Foreign Affairs Rahamtalla Mohamed Osman said at the forum.
Sierra Leone's Minister for Trade and Industry Alhaji Usman Boie Kamara expressed his appreciation for the Hungarian Government's endeavour to restore earlier good relations with Africa.
(MTI; Ministry for National Economy)
