As this year marks the 50th anniversary of diplomatic relations between Hungary and Malaysia, the two countries reached a new milestone when Datuk Darell Leiking, Minister of International Trade and Industry of Malaysia paid an official visit to Budapest, Hungary to sign the Memorandum of Understanding on Economic Cooperation between the two Governments with Péter Szijjártó, Minister of Foreign Affairs and Trade of Hungary. The document, which was signed on the 15th November 2019, will give further impetus to the already rapidly increasing bilateral trade that reached 580 million US dollars in 2018.
The main trade products between Hungary and Malaysia include electronics and electrical appliances, automotive parts, vehicles and machinery. Besides bilateral trade, investment relations are also key in the cooperation of the two countries, and according to Minister Péter Szijjártó the Hungarian Investment Promotion Agency has already started discussions about a major Malaysian investment in Hungary.
The two ministers also agreed that the implementation of the agreement has to be carried out and the Joint Economic Commission (JEC) has to been set up without any delay. The JEC will be comprising government officials and representatives of the private sector from both sides and will meet on a regular basis to discuss new ways to further deepen economic cooperation.
Minister Darell Leiking's visit to Hungary involved a meeting with Minister Péter Szijjártó, as well as a visit to the Hungarian Chamber of Commerce and Industry (HCCI), where he had the chance to meet with companies interested in the Malaysian market. Following that, a 20-member delegation from HCCI visited Malaysia from 18 to 20 November, comprising companies from various sectors such as the food industry, machinery and consultancy.