The Hungarian Export Import Bank is open to financing export transactions to the Philippines, up to the country limit of more than $700 million, according to István Joó, deputy state secretary for Export Development of the Ministry of Foreign
Affairs and Trade of Hungary.
Joo told the 1st Hungarian-Philippine Online Business Forum on Tuesday he total amount is available for companies interested in export or investment ventures.
“Hungary is ready to act as a gateway for Philippine companies, planning to operate in European markets, “ said Joo.
Through the Hungarian Investment Promotion Agency (HIPA) which facilitates investments by providing them client oriented services, Hungary offers several types of incentives to support the settlement of the Philippine companies in Hungary, while providing up to date information for inquiring companies.
“On the one hand, Hungary is ready to help Philippine companies which need a more welcoming and safe corporate atmosphere to resettle their existing or new businesses in Europe. On the other hand, Hungarian companies are encouraged to pursue businesses in the Philippines, and to invest there to profit from one of the fastest growing economies in the world,” Joo added.
Hungarian companies which have indicated interest in the Philippine market are mostly in water management, health, aviation, and information and communication technology infrastructure developments, food and beverages and IT services.
At the forum, Joo expressed hope to improve bilateral trade between the two countries which was static in 2020 due to the pandemic.
Tthe European Union remains one of the largest trading partners of the Philippines, with exports to the EU for 2020 amounting to $7.5 billion, of which about $2 billion enjoyed Generalized System of Preferences Plus.
GSP plus preferences.
Top exports to Hungary are electronics, pneumatic tires, spectacle lenses gaskets and washer. – Irma Isip
