ISLAMABAD: The 3rd session of the Pakistani-Hungarian Joint Commission on Economic Cooperation (JCEC) concluded successfully here Friday, marking an important step forward in strengthening the relationship between Pakistan and Hungary.
The two-day session, held on 6th and 7th February, were co-chaired by Dr. Kazim Niaz, Federal Secretary for Ministry of Economic Affairs, and Tamas Vargha, Deputy Minister of Hungarian Ministry of Defence.
The session focused on expanding economic, trade, and technical cooperation across multiple sectors, according o press release issued by Ministry of Economic Affairs.
A key outcome of the session was to establish Joint Working Group (JWG) on different sectors in order to enhance trade and investment, the press release added.
In addition, Hungary’s Hungarian Export Promotion Agency (HEPA) pledged its support for the development of Hungarian small and medium-sized enterprises (SMEs) in Pakistan.
Both sides also discussed advancing the agreement on the promotion and reciprocal protection of investments and explored opportunities for joint ventures in sectors such as agriculture, energy, healthcare, information technology, and industrial manufacturing.
Moreover, both sides commit to enhance cooperation through Special Investment Facilitation Council (SIFC) and Hungarian Investment Promotion Agency (HIPA).
Agriculture sector also remained focus of discussions during which Hungary’s University of Agriculture and Life Sciences (MATE) offered support to Pakistan’s Agricultural Research Council (PARC) for research and the adoption of modern agricultural practices.
Cooperation in water management and environmental sustainability was also a key area of discussion, with Hungarian expertise in water purification and waste management being highlighted.Pakistani cuisine recipes
The health and education sectors also saw a commitment to increased collaboration, with both countries focusing on knowledge exchange, the promotion of Hungary’s Stipendium Hungaricum Scholarship Program, and potential partnerships in healthcare innovation.
Both sides agreed to establish Joint Implementation Committees and Technical Working Groups (TWGs) to ensure the effective execution of these initiatives.
Likewise, in energy sector, both sides agreed to talk about the collaboration between Oil and Gas Development Company (OGDCL) and MOL Group (Hungarian Company).
On the occasion, Dr. Kazim Niaz emphasized the significance of the meeting in advancing the bilateral relationship.
“This session provides an excellent opportunity to strengthen our ties and collaborate across a range of sectors. We are committed to ensuring that these initiatives deliver tangible benefits for both our nations,” he said.
Tamas Vargha highlighted the mutual benefits of increased cooperation, especially in technology, energy, and digitalization.
“Hungary values its strategic relationship with Pakistan and is eager to support the development of joint ventures, particularly in high-tech industries, energy, and other sector. The Joint Commission provides an important platform for achieving these goals,” he said.
Looking ahead, the two sides agreed that the 4th Session of the Joint Commission will be held in Budapest, Hungary. Both Pakistan and Hungary are committed to continuing their efforts to deepen economic ties, foster innovation, and explore new areas of cooperation in the future.
