Hungary and Iceland were among the first countries hit by the global financial crisis a few years ago and they have since both successfully recovered, Parliamentary State Secretary Zsolt Németh from the Ministry of Foreign Affairs said after meeting Icelandic Foreign Minister Gunnar Bragi Sveinsson today in Budapest.

The Hungarian State Secretary stated that both countries' crisis-management strategies were remarkable in that they both considered it part of their national sovereignty to independently find the best solutions to the challenges.

Mr. Németh claimed that several of the solutions applied by Hungary and Iceland had been similar, such as sectoral surtaxes. Iceland, too, has approved legislation to reduce the burdens on society resulting from mortgages, he added. Similarities in the two countries' foreign policies include placing great emphasis on regional cooperation, Zsolt Németh said.

Gunnar Bragi Sveinsson declared that there were many opportunities for cooperation between Hungary and Iceland, and closer links needed to be developed. An important plan is to set up a joint working team on making use of geothermic energy which may form the basis for long-term cooperation between the two countries, he added.

(Ministry of Foreign Affairs)