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Mar 28, 2017

Hungarian foreign minister meets President of the Philippines to sign co-operation agreement

Hungary and the Philippines will sign a cooperation agreement, where Hungary “will open a 510 million euro credit line to boost its exports to the Philippines

Hungary's foreign minister has met with President Rodrigo Duterte of the Philippines while in Manila to officially reopen Hungary's embassy after a 22-year absence.

Péter Szijjártó, minister of Foreign Affairs and Trade, emphasized the “highly beneficial” nature of cooperation between the two countries. He added that the Philippines offers a market of 100 million people, with a growth rate, of 6.8 percent, that is exceptional even in Asian terms.

“To intensify its presence in the region, Hungary has decided to reopen its embassy after a 22-year interval,” Minister Szijjártó added.

Speaking to MTI, Szijjártó explained that Hungary and the Philippines will sign a cooperation agreement, where Hungary “will open a 510 million euro credit line to boost its exports to the Philippines.” In addition, minister said that his country intends to advocate for a free trade agreement between the EU and the Philippines as soon as possible.

Minister Szijjártó also pointed out that Hungarian exports to the Philippines have increased by 25 percent over the past two years, adding that sales of Hungarian meat and water management systems were prospective areas of further cooperation. The foreign minister also said that Hungary grants scholarships to 35 Filipino students each year.