The Minister pointed out that the Cambodian economy has produced over 7 percent growth in the past two years and is accordingly one of the most dynamically developing economies in the region, in addition to which the country is capable of cooperating in areas that are among the strong points of the Hungarian economy.

“Our friends in Western and Central Europe are also showing visibly increased interest in Cambodia. We cannot stay out of this competition” stressed Mr. Szijjártó, who held meetings with both Prime Minister Hun Sen and Cambodia’s Ministers of Foreign Affairs, Commerce, Planning and Tourism.

World trade - Hungary and Cambodia

Photo: Márton Kovács/Ministry of Foreign Affairs and Trade

Mr. Szijjártó also mentioned that within the field of agriculture Cambodia is suffering from the total lack of a processing industry and is awaiting Hungarian animal husbandry and meat industry investment projects.

He also told the press that Cambodia is also showing interest in Hungarian software solutions and would also welcome and influx of Hungarian technology and equipment to aid the reorganization of the healthcare system, in addition to which there is also demand for Hungarian water management expertise.

An investment protection agreement has been signed to assure the success of Hungarian companies in Cambodia, in addition to which Eximbank is providing a 26.7 million US Dollar credit line to facilitate cooperation between Hungarian and Cambodian enterprises, the Minister said, adding that a Hungarian trade representation has also just opened in Phnom Penh, meaning Hungary is once again being directly represented in Cambodia following a break of some 20 years.

Trade between the two countries is currently minimal, but the Hungarian Government is expecting a significant increase in economic relations, Mr. Szijjártó told the press.

The Hungarian Minister of Foreign Affairs and Trade also announced that a scholarship agreement had been signed during his visit, within the framework of which 15 Cambodian students-a-year will be able to attend Hungarian universities.

{Source: Hungarian Government-Ministry of Foreign Affairs and Trade}

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[photo credits-featured image:By sam garza (originally posted to Flickr as Angkor Wat) [CC BY 2.0 (http://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons]

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