Prime Minister Viktor Orbán has said political ties with Laos “have been elevated to the level of strategic partnership”.
The prime minister made the declaration following talks with Thongloun Sisoulith, his Laotian counterpart, in Budapest on Monday.
PM Orbán said that Hungary would open a representation in Laos, and that the two countries would open the fourth phase of a tied aid program.
He said that Hungary had also opened a 45 million dollar credit line to support bilateral cooperation between businesses.
PM Orbán added that the loans Hungary has provided to finance investment projects in Laos have now amounted to several tens of millions of dollars and the turnover of bilateral trade has increased six-fold in the past two years.
The prime minister also stressed the importance of education and revealed that over 300 people from Laos had graduated from Hungarian universities and are now in senior positions in Laos. There are currently 186 Laotian students studying in Hungary. Hungary provides scholarships to 100 students annually.