SA, Hungary sign economic cooperation agreement

Sunday, November 29, 2009

Pretoria - In a further effort to develop and strengthen economic and industrial trade, South Africa and Hungary have signed an Agreement on Economic Cooperation in Pretoria.

The agreement was signed on behalf of both governments by the South African Minister of Economic Development Ebrahim Patel, and the Hungarian State Secretary of the Ministry for National Development and Economy Zoltan Mester.

"Through this agreement, the governments undertake to work together towards developing and strengthening economic and industrial cooperation in areas of mutual interest. They will also encourage and facilitate contact and cooperation between business persons in their two countries in pursuance of commercial opportunities," said the Department of Trade and Industry.

The countries have committed to exchange information on their economic development priorities; identify and facilitate investment and other economic opportunities; promote economic and investment missions which bring together potential business partners and exchange information on industrial fairs, exhibitions, missions and other promotional activities in both states.

Chief Director of Bilateral Trade Relations at the department, Victor Mashabela, said the agreement sought to encourage trade and economic cooperation between Hungary and South Africa, through the exchange of business missions, sharing of information on trade and investment opportunities.

The agreement further created an official working relationship between the two countries as it established a Joint Committee that will meet periodically and at times to be mutually agreed by the two sides.

The purpose of this committee will be to review progress on the implementation of this agreement and to discuss and agree on projects that will advance the bilateral trade and investment relationship between the two countries, said the department.