What sectors are expected to benefit from the new pact?

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Sectors Poised for Growth Through New Economic Pact

An economic cooperation agreement signed between Malaysia and Hungary is anticipated to foster increased trade and investment, with specific sectors expected to see beneficial outcomes. The agreement, reached last week in Budapest, aims to create a joint economic commission to explore avenues for deepening economic ties between the two nations. Bilateral trade, which stood at US$580 million in 2018, is projected to reach US$600 million in 2019, indicating a positive growth trajectory.
Boost for Trade and Investment Relations

The recent signing of the economic cooperation agreement between Malaysia and Hungary marks a significant step in enhancing their bilateral trade and investment relations. This pact is expected to facilitate the establishment of a joint economic commission, comprising government officials and private sector representatives. This commission will serve as a platform for regular discussions aimed at identifying new strategies to deepen economic cooperation, thereby fostering a more robust commercial environment between the two countries.
Increased Bilateral Trade Figures

Following a positive performance in the first half of 2019, the bilateral trade between Malaysia and Hungary is forecast to experience an increase. Projections indicate that trade volume will rise to US$600 million in 2019, a notable increase from the US$580 million recorded in the previous year. This upward trend suggests a growing economic interdependence and a successful expansion of commercial activities between the two nations.
Key Trade Products Identified

The primary products exchanged between Malaysia and Hungary predominantly fall into two main categories: electronics and electrical appliances, and machinery. These sectors represent the core of the current bilateral trade relationship. The agreement's focus on economic cooperation is likely to further stimulate the exchange and development within these established trade areas, potentially leading to increased volume and value of these goods.
Hungarian Business Delegation Visit

In anticipation of and following the agreement, a delegation from the Hungarian Chamber of Commerce and Industry (HCCI) undertook a visit to Malaysia from November 18 to 21. This delegation included companies representing diverse sectors such as the food industry, machinery, and consultancy services. Their visit underscores Hungary's interest in exploring business opportunities in Malaysia and signals potential new collaborations and investments across these specific industries.

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What sectors are expected to benefit from the new pact?

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