Efforts to step up trade & investment flows between India and Hungary: Anand Sharma
SECOND SESSION OF INDIA-HUNGARY JCEC HELD IN BUDAPEST
Shri Anand Sharma, Union Minister for Commerce and Industry, has said that greater efforts will be made to step up trade and investment flows between India and Hungary. Speaking at the Second Session of the India-Hungary Joint Commission on Economic Cooperation (JCEC) and Joint Business Commission (JBC) meetings held at Budapest during February 1-2 2010, Shri Sharma highlighted new sectors for cooperation like energy, medical equipment, agro-processing, dairy plants, water management, waste management and waste water purification. Both sides agreed to increase the level of trade to US $ 1 billion by 2012. An agreement for oil exploration has already been signed between MOL, the Hungarian Oil Company, and ONGC of India in which MOL is a 35% partner. It was agreed that the two countries will strengthen cooperation in the IT sector and an MoU detailing the areas of cooperation will be entered into between the Hungarian association of IT companies and Electronics & Computer Software Export Promotion Council (ESC) India. The India-Hungary S&T fund of Euro 2 million per annum for the promotion of joint research projects will soon be operationalised and bilateral S&T projects would be selected for funding.
During the visit, Shri Sharma held meetings with the Prime Minister of Hungary, Mr. Gordon Bajnai; the Minister of National Development and Economy, Mr. Istvan Varga and the leader of opposition & former Prime Minister of Hungary Mr. Viktor Orban.
A Social Security Agreement was signed between the two countries on the sidelines of the JCEC, which would address the issues on social security tax particularly in the case of IT sector. An agreement on Trade and Investment cooperation was also signed between Federation of Indian Chambers of Commerce and Industry (FICCI) and ITD Hungary. The chambers of the two countries also signed an agreement on arbitration.
