The Philippine Chamber of Commerce and Industry is seeking to expand the country’s trade ties with Hungarian investors, which are now looking at the Philippines as an attractive business destination.
PCCI said in a statement that PCCI acting president Antonio Lopa had recommended to Special Envoy of Hungary Attila Kali the renewal of the chamber-to-chamber agreement it signed with the Hungarian Chamber of Commerce and Industry in 1998 to boost trade and joint venture relations between their chamber members.
Lopa met with Kali last week to help enhance trade and economic relations between the Philippines and Hungary.
According to Kali, Hungary is “focusing in Southeast Asian region and the Philippines in particular as an attractive destination for Hungarian investors due to its sound business practices and stellar economic performance.”
Proof of this confidence, the PCCI reported, was the plan of the Hungarian government to either re-open the embassy, which was closed in 1995, or put up a trade office as part of Hungary’s plans to encourage small and medium enterprises to venture outside Europe.
In the meantime, Lopa said the PCCI would work with the Hungarian Embassy in Jakarta, Indonesia to facilitate networking activities between Filipino and Hungarian businesses.
Citing 2012 data from the Department of Trade and Industry, the PCCI reported that Hungary was the Philippines’ 40th leading trading partner with the total bilateral trade amounting to $156.49 million. Amy R. Remo