Ambassador of Hungary to Pakistan, Béla Fazekas has pledged to increase bilateral trade with Pakistan to US $250 million, paving new avenues for bilateral economic cooperation.

The two countries had potential for bilateral trade in a number of sectors that needed to be further explored and work needed to be done in new areas, he said.

The Ambassador said this in a meeting with the former President Islamabad Chamber of Commerce and Industry (ICCI) Zafar Bakhtawari.

He said bilateral trade between the two countries had reached US$150 million in 2008, which had come down to US$ 50 million at present. The Ambassador said few upcoming agreements and Memorandum of Understanding (MoUs) would pave the way for mutual economic cooperation between the two countries which would be signed soon.

He said completion of Gwadar port would also help Pakistan and other regional countries to be connected in world trade. After the completion of Gwadar Port, economic and trade links in the regional countries would also increase and bilateral trade with Central Asian Countries.

The Ambassador expressed the hope that he would like to further enhance bilateral trade between the two countries to pave new avenues for trade and economic relations between Pakistan and Hungary. He said few practical steps were needed to boost bilateral trade relations between the two countries, on which both countries were working on.

On the occasion, former president of Islam Chamber of Commerce and Industry, Zafar Bakhtawari said direct air link between the two countries would not only improve trade relations between the two countries, but also increase people to people contact.

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