Hungary said it is committed to having a stronger presence in Southeast Asia by developing strategic partnerships in the Philippines.
The Board of Investments (BOI) said in a statement Thursday that Katalin Bihari, Hungary Ministry of Foreign Affairs and Trade Deputy State Secretary for External Economic Relations, told a recent Philippines-Hungary Business Forum there was increasing Hungarian interest in Philippine businesses.
The volume of trade between Hungary and the Philippines amounted to more than $199 million last year.
“We believe there is still more room for improvement. The main purpose of our business forum today is to work on it and achieve further results,” Bihari said at the business forum in early December in Parañaque City.
She also noted that Filipino entrepreneurs are recognizing the strategic advantages that Hungary can offer.
Ceferino Rodolfo, BOI managing head, said the Hungarian delegation included representatives from five companies exploring trade and investment opportunities in the Philippines. Those companies are into security printing, information technology, agriculture, healthcare, and smart cities.
The Hungarian delegation included Any Security Printing, one of the largest security printing companies in Hungary and Central and Eastern Europe; BlueSpot, a technology provider for communal communication; Babolna Tetra which is in the poultry business; Kuube, maker of smart furniture; and Bromhead Holdings Inc./Reysten a healthcare and antimicrobial solutions company.
At the forum, Rodolfo highlighted the challenges hounding the Philippine business environment that prompted the passing of such legislations as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act and CREATE Maximize Opportunities for Reinvigorating the Economy Act.
These laws offer long-term fiscal incentives, along with green-lane facilitation for faster investment approvals that should give rise to a competitive and investor-friendly business environment.
