Financial Daily from THE HINDU group of publications
Wednesday, Nov 05, 2003
Financial Daily from THE HINDU group of publications Wednesday, Nov 05, 2003 |
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Industry & Economy
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Foreign Trade Hungary's EU accession to help Indian exports Our Bureau
The Hungarian Prime Minister, Mr Peter Medgyessy, flanked by the FICCI President-elect, Mr Y. K. Modi (right), and the CII Vice-President, Mr Sunil Kant Munjal, at a meeting with Indian businessmen in the Capital on Tuesday. - Kamal Narang
New Delhi , Nov. 4 WHILE expressing his desire to forge enhanced trade and investment links with India, Mr Peter Medgyessy, Prime Minister of the Republic of Hungary, today stated that Hungary's accession to the European Union on May 1, 2004 would make it an attractive destination for Indian businessmen. Inviting Indian presence in Hungary's economic activities, he said that this important development would provide favourable market opportunities. He said, "Presence in the Hungarian market will also represent a position in a market of 450 million in the future." Mr Medgyessy was addressing captains of the industry at a luncheon session organised jointly by FICCI and CII. Elaborating on the accession to EU, the visiting dignitary observed that Hungary would adopt all the trade policy requirements, regulations and conventions of the EU after the modalities are over. "This means that India will benefit from the same allowances when trading with Hungary as now with the EU," he added. He was of the opinion that this would result in Indian products in Hungary being subjected to one-third less of custom duty when calculated with EU tariffs. Highlighting his country's new foreign policy, which emphasises on diversifying contacts, he mentioned that South Asia would hold a prominent position in the overall scheme of things. "India is an attractive exports market, besides, it is an attractive partner for cooperation due to its outstanding research and development capabilities. We, therefore, want to come closer to more dynamic parts of the world like India," he said. Saying that political initiatives play a critical role towards activating economic and commercial relations, the Prime Minister highlighted some of the important agreements that have been signed during his current visit to India. Prominent among them are the treaty on avoidance of double taxation, the mutual protection of investments, and the declaration of agreement to assist IT co-operation.
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