The All Pakistan Business Forum (APBF) has signed a Memorandum of Understanding (MoU) with the Embassy of Hungary in Pakistan to promote trade links through exchanges of business delegations to nurture closer understanding between Pakistan and Hungary.

The All Pakistan Business Forum president Syed Maaz Mahmood inked the MoU on behalf of his association while Ambassador of Hungary Istvan Szabo represented his country. The signing ceremony was witnessed by Mr. Khurram Niaz Khan, Secretary General APBF, Mr. Amir Munir, President APBF Lahore Board, Mr. Moin Bashir, Member Lahore Board and Dr. Istavan Grafi, Commercial Counsellor Embassy of Hungary in Pakistan.

APBF president Syed Maaz Mahmood, addressing the ceremony, said the Forum will extend full cooperation and support to strengthen trade and economic ties between Pakistan and Hungary. He said that agriculture plays a pivotal role in the life of Pakistan’s economy as it accounts for around 20% of GDP. Agriculture not only furnishes food and raw material but also employment opportunities to a very large proportion of population as well, he added. APBF president said that the Forum through the Hungarian Embassy will arrange B2B meetings, conducting business delegation visits for sector specific match-making and interaction between development initiatives and the stakeholders. He said that these activities will also increase educational ties and support on social development, especially for the development of Women Entrepreneurs. This collaboration will promote, trade, health, education, culture, gender equity and other development programs in Pakistan, he added.

“We are effectively striving to bring business leaders, chambers and associations on a united platform to endeavor for a strong and prosperous Pakistan with sustainable growth, ensured through effective policies followed in continuity, resulting in better quality of life for the people of Pakistan.”

President APBF informed that APBF has made numerous valuable contributions towards the progress and growth of the national economy. “We are making consistent efforts to identify and engage resourceful organizations and entrepreneurs to create new opportunities and mutual benefits through our shared values and wisdom.”

On this occasion, Ambassador of Hungary Istvan Szabo said that his Embassy is focused on a wide range of programs to collaborate with Pakistan including trade, education, public diplomacy, culture, gender equity, and development to seek good partners. Both sides agreed to boost bilateral trade and investment through proactive approach and improved engagement. Hungarian side offered technical assistance in the areas of agriculture, livestock, fisheries and food processing.

Ambassador informed that Hungary has made impressive progress in agriculture sector by introducing modern technology, research and good agricultural practices. The Ambassador informed that inaugural session of Pak-Hungary Joint Economic Commission held in September this year at Budapest will pave way for enhanced economic cooperation between the two countries. Ambassador further said that Hungary has already invested in Oil and Gas sector of Pakistan and its company MOL is operating with local partners. Both sides discussed the issues of bilateral interest in the areas of trade and investment.