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Nov 06, 2017

Hungary continues to build bilateral and economic relations with Bulgaria

“The common standpoint professed by Bulgaria and Hungary on issues relating to the fate of Europe is creating an opportunity for economic cooperation to be unhindered and receive a never before seen level of momentum," Hungary's foreign minister said

Hungary continues to build relations with Bulgaria to encourage bilateral and economic cooperation between the two nations.

Péter Szijjártó, minister of Foreign Affairs and Trade, attended the founding session of the Hungarian-Bulgarian Government Committee for Economic Cooperation in Sofia where he highlighted Hungary's future outlook for Central Europe.

“The common standpoint professed by Bulgaria and Hungary on issues relating to the fate of Europe is creating an opportunity for economic cooperation to be unhindered and receive a never before seen level of momentum," the minister said. 

“Hungary and Bulgaria can count on each other as allies in many areas and political cooperation between the two countries is problem-free," he added.

“Amongst others, the two countries are allies with relation to issues that affect the continent’s energy security. In view of missing infrastructure, it would as yet be courageous to talk about the security of Central Europe’s gas supply, but thanks to cooperation between Bulgaria, Serbia and Hungary, by the end of 2019 the opportunity will arise for the Western Balkan and Central European regions to gain access to new Russian natural gas resources from the south," the minister said.

“As a result of cooperation between the three countries, from that time on Hungary will be able to import a significant amount of natural gas, some six billion cubic meters-a-year. The new southern gas transport route will make the economies of all three countries even more competitive," he added.

Minister Szijjártó said that 1.3 billion euros in trade was realised between the two nations last year, and that the figures for the first eight months of this year has already exceeded one billion euros, meaning that trade flow between the two countries is expected to have significantly increased by the end of the year.