Pakistan, Hungary agree to boost investment and economic cooperation

Pakistan, particularly the province of Punjab, and Hungary have agreed to work jointly to enhance economic cooperation and promote mutual investment, including the organisation of a business-to-business conference to facilitate direct engagement between investors from both sides.

According to the 24NewsHD TV channel, the understanding was reached during a meeting between Punjab’s Provincial Minister for Industries and Commerce, Chaudhry Shafay Hussain, and the Hungarian Ambassador to Pakistan, Mr Zoltan Varga, held at Pace House. Members of a Hungarian investors’ delegation were also present on the occasion.

During the meeting, the provincial minister briefed the Hungarian delegation on investment opportunities available across various sectors in Punjab, highlighting the province’s industrial potential.

Chaudhry Shafay Hussain said Punjab’s Special Economic Zones offer modern industrial infrastructure and that investors are being provided with special incentives to encourage investment.

He explained that investors in Special Economic Zones are entitled to a ten-year income tax exemption and a one-time facility for duty-free import of machinery.

The minister said that a Garment City has already been established at Quaid-e-Azam Business Park in Sheikhupura, while work is also underway to develop a Pharmaceutical Valley.

He invited Hungarian investors to take advantage of investment opportunities in Punjab’s industrial hubs and encouraged them to initiate joint ventures with local investors.

According to the minister, Hungarian companies can invest in sectors including agriculture, seed development, textiles, the electric vehicle sector, and other industries in Punjab.

He also suggested that Hungarian investors consider setting up a battery recycling plant in the province.

Chaudhry Shafay Hussain said that during his recent visit to China, 21 agreements were signed with Chinese companies for investment in Punjab, adding that several Chinese firms have already begun establishing their plants in the province.

He assured the Hungarian delegation that their investment in Punjab would be welcomed and that all possible facilities and support would be provided.

Speaking on the occasion, Hungarian Ambassador Zoltan Varga said Punjab offers a conducive environment for investment and that Hungarian investors would benefit from the opportunities available.

He added that cooperation would be enhanced in modern agriculture, seed development, and other sectors, and that both sides would move forward by learning from each other’s experiences.

The ambassador said a delegation of Hungarian investors would visit Punjab in the near future and stressed the need for effective and practical measures to further strengthen trade and economic cooperation between Pakistan and Hungary.

Earlier, the Punjab Industrial Estates Development and Management Company (PIEDMC) team gave a detailed briefing on investment opportunities in Punjab’s industrial zones.

The provincial minister, the Hungarian ambassador, and members of the investors’ delegation also visited a handicrafts shop, where the Hungarian delegation highly appreciated the locally produced handicrafts.

The meeting was also attended by the Director General Industries, the Director General of the Punjab Board of Investment, and other relevant officials.

Reporter: Hassan Ali