Hungary has pledged its full support for Pakistan’s GSP+ (Generalized System of Preferences Plus) status in the European Union, as both nations agreed to strengthen economic cooperation during the Pakistan-Hungary Business Forum in Islamabad.
The event was co-chaired by Pakistan’s Commerce Minister Jam Kamal Khan and Hungary’s Minister of Foreign Affairs and Trade Péter Szijjártó, who led a 17-member business delegation.
Hungary Backs Pakistan’s GSP+ Benefits
Minister Szijjártó called Pakistan an important economic partner and assured that Hungary would continue advocating for Pakistan’s preferential trade access to EU markets under the GSP+ scheme.
“Hungary firmly supports Pakistan’s GSP+ status, which not only boosts Pakistani exports but also strengthens EU-Pakistan relations through sustainable trade,” he said.
He added that Hungarian companies in Pakistan are optimistic about the business climate and plan to expand their operations. “We have brought top Hungarian business leaders to meet Pakistani counterparts today, and we expect new partnerships to emerge,” he stated.
Expanding Collaboration in Key Sectors
Szijjártó highlighted Hungary’s 400 annual scholarships for Pakistani students and plans to increase this number. He also identified potential cooperation in:
- Energy
- Agriculture & Food Security
- Information Technology
- Advanced Manufacturing
- Sports & Healthcare
Additionally, he revealed that a Hungarian private airline is considering operations in Pakistan, signaling growing business confidence.
Pakistan’s Push for Investment & Trade Growth
Commerce Minister Jam Kamal Khan thanked Hungary for its consistent support on GSP+ and praised Hungary’s advancements in seed technology, agriculture, and services—areas where Pakistan seeks collaboration.
Pakistan International Airlines Announces Significant Fare Reduction
He assured that Pakistan’s economy is stabilizing, with lower inflation, a stronger currency, and improved investor confidence. “Our reforms focus on ease of doing business, foreign investment, and infrastructure development for long-term growth,” he said.
Khan also highlighted key initiatives like:
- National Tariff Policy
- Strategic Trade Policy Framework
- Pakistan Single Window: Streamlining Trade Processes
- Transit trade agreements with Central Asia
What’s Next: Trade Shows and Future Partnerships
The forum included B2B meetings between Hungarian and Pakistani businesses in sectors like IT, Agri-Tech, Water Management, and Healthcare.
Khan invited Hungarian delegates to attend:
- Health, Engineering, and Minerals Show (HEMS) in Lahore (April 17-19)
- FoodAg & TEXPO exhibitions by TDAP
A Strong Foundation for Long-Term Partnership
Both sides agreed that strong political relations and no bilateral disputes create an ideal environment for expanding trade and investment.
“With Hungary’s international backing and growing business ties, this forum marks the start of a deeper economic partnership,” said Jam Kamal Khan.
