SIALKOT - Hungarian Ambassador in Pakistan Istvan Szabo has said that Hungary and Pakistan are enjoying cordial relations and are making adequate efforts to improve further bilateral economic relations.

Addressing the members of Sialkot Chamber of Commerce and Industry (SCCI) on Monday, he revealed that Hungary had invested $1.4 billion in energy sector in Pakistan while volume of trade was $56 million. The Ambassador said that efforts were being made for exchange of high level trade delegations of Hungry and Pakistan, adding that the programme would be pursued after the general elections in Pakistan. Hungary is considering exploring new trade markets with the concept of expanding the sphere of its trade for enhancing its business activities," he pointed out, adding that in this regard Global Trade Policy Eastern countries had already been formulated for exploring unexplored countries aimed at bringing revolutionary boost in the trade volume.

The Ambassador said that his country was making strenuous efforts for sharing trade and commerce information to all trade bodies including chambers for enhancing bilateral trade volume between the two countries, adding that Pakistan was very important for Hungary.

In his address of welcome, Sialkot Chamber of Commerce and Industry (SCCI) President Sheikh Abdul Majid said that despite the fact that Pakistan and Hungary had cordial relation, the bilateral trade volume was not according to the existing trade potential but latest trade figures suggest improvement.

The SCCI President further said there was a wide scope for economic cooperation between the two countries in various areas including energy, sports goods, textile, surgical instruments, adding that Pakistan was good investment destination which should be availed by the Hungarian investors. Sh Majid 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, close coordination between trade bodies.