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FMM, HCCI in pact to support industrial development in Malaysia, Hungary

FMM, HCCI in pact to support industrial development in Malaysia, Hungary

25 Feb 2024

The Federation of Malaysian Manufacturers (FMM) on Friday inked a memorandum of understanding (MoU) with the Hungarian Chamber of Commerce and Industry (HCCI) to establish a framework for collaboration to support industrial development in Malaysia and Hungary, and to strengthen mutual understanding and cooperation between the business communities.

The MoU was signed by FMM president Tan Sri Soh Thian Lai and HCCI president László Parragh, in conjunction with the HCCI delegation’s visit to Malaysia from Feb 21 to 23. The signing was witnessed by Hungarian ambassador to Malaysia Dr Petra Ponevács-Pana.

According to Malaysia’s Department of Statistics, trade between Malaysia and Hungary amounted to US$644 million (RM3 billion) in 2023 with exports of US$498 million and imports of US$146 million.

“I believe the MoU will provide more opportunities for Malaysian businesses in exploring potential trade opportunities in Hungary and we welcome investments from Hungary to Malaysia given the strategic location of Malaysia in Asean coupled with the most recent signed free trade agreements, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Regional Comprehensive Economic Partnership, which is the world’s largest free trade area in terms of combined gross domestic product and market size, accounting for almost one-third of the world’s population,” said Soh.

Parragh said: “Malaysia, being Hungary’s second largest trading partner from Asean, is welcome to tap on Hungary as a gateway to the European Union’s market of close to 500 million population and I believe there are ample opportunities for future cooperation between our members.”

Source: The Sun