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Hungarian companies should investment more in oil & gas sector of Pakistan-Zafar Bakhtawari March 08, 2013
Meeting at ICCI
Hungarian Ambassador in Pakistan, H.E.Mr. Istvan Szabo made these remarks while addressing at Islamabad Chamber of Commerce & Industry (ICCI). He has said that Hungary and Pakistan are enjoying cordial relations and are making adequate efforts to improve further bilateral economic relations. He said that Hungary had invested $1.4 billion in energy sector in Pakistan while volume of trade was $56 million in preceding year.

The Ambassador said that MOL is the biggest Hungarian company in Pakistan engaged in oil, which is catering to 14 percent needs of Pakistan and providing jobs to around 600people.  He informed the meeting that Hungarian Government has taken the initiative to establish a school with the cooperation of MOL Pakistan which was aimed at brightening up the future of children of Khyber Pakhtunkhwa. Mr.Istvan Szabo said that Schengen visa for businessmen could be applied through Hungarian Embassy in Islamabad, however, businessmen after visiting Hungary can also visit Schengen states.
Speaking on the occasion, Haji Fazal Kadir Khan Shirani, President FPCCI said that there was a wide scope for economic cooperation between the two countries in various areas as both the countries have their own strengths that should be tapped.
In his welcome address, Mr.Zafar Bakhtawari, President ICCI appreciation the Hungarian cooperation in oil and gas sector and said that Hungarian companies should further enhance its business in the oil and gas sector as existing  companies are enjoying successful business in Pakistan for the last several years.
Mr.Bakhtawari said that Hungary as a member state of European Union, should help Pakistan for greater access of its products in the markets of EU. He said that to expand two way trade and economic collaboration for mutual benefits both the sides should make certain efforts such as single country exhibition, frequent visit of trade delegations and close coordination between trade bodies.
ICCI President said Hungary’s vast technical know-how in the fields of oil & gas exploration, chemicals and heavy industries may provide the basis for technology transfer in these areas to Pakistan. The presence of MOL Pakistan Oil & Gas Co. since 2004 in KPK which has done remarkable work for crude oil and gas discovery is indicative of the fact that there exists enormous potential for foreign companies in this sector.
He said that Pakistan is known world over for all types of leather & leather products, organic as well as inorganic agro-based products & food items, sports goods & surgical instruments. He said that Pakistan could supply all types of textile goods such as ready-made garments, fabrics and hosiery items to Hungary.

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