The biggest business groups from the Philippines and Hungary signed a memorandum of agreement to grow two-way trade and investments between both countries.
In a statement, the country’s largest business organization Philippine Chamber of Commerce and Industry (PCCI) said the agreement with Hungary Chamber of Commerce and Industry served as a framework for mutual collaboration in developing key industries. The partnership would cover working with small and medium enterprises, business matching and networking, exchanges of commercial delegations, and assistance for settling disputes.
The agreement was signed between PCCI President George T. Barcelon and Hungarian Ambassador Jozsef Bencze during the Philippines-Hungary Business Forum on March 28.
This developed as the Hungarian embassy re-opened on March 28, more than two decades since it was closed in 1995.
Barcelon said Hungary considered the Philippines a priority country under its “opening to the east” policy.
PCCI said Hungary was a potential market for Philippine farm products, electronic components, automotive parts, processed food, jewelry and personal care, and tourism. —ROY STEPHEN C. CANIVEL