Hungary and Thailand to sign MoU for stronger economic ties

Hungary and Thailand are set to strengthen their economic ties with the signing of a Memorandum of Understanding (MoU) between the Hungarian-Thai Chamber of Commerce and the Budapest Chamber of Commerce next month.

The Hungarian embassy facilitated a luncheon in Bangkok, where the Hungarian ambassador and local Thai media discussed Hungary’s role as president of the Council of the European Union and its foreign policies.

Kamilla Balla, deputy head of mission at the Hungarian embassy, confirmed that the MoU will be signed during the Thai-Hungarian Business Matching & Fintech Event at the Budapest Chamber of Commerce and Industry in Hungary on September 17.

The MoU aims to enhance business, trade development, and economic cooperation between Hungary and Thailand. Key benefits include the exchange of trade delegations, reciprocal economic information sharing, and support in organising and participating in trade fairs and exhibitions.

“As the Hungarian-Thai Chamber of Commerce is a recently established chamber, it is crucial for them to expand their institutional relations. The signing of the MoU will also contribute to the recruitment of new members of the chamber and raise the attention of the companies doing business in Thailand.”

Peter Szijjarto, Hungary’s minister of foreign affairs, highlighted during a seminar about investment promotional policies held in Thailand in March that trade between the two countries exceeded US$730 million (nearly 25 billion baht) last year.

Hungarian exports to Thailand saw a 9% increase in 2023, making Hungary Thailand’s 11th-largest business partner, reported Bangkok Post.

In related news, Hungary sought to cultivate a stronger bilateral relationship with Thailand as part of the Central European country’s objective to achieve 4% economic growth in the current year, according to Péter Szijjártó, the country’s Minister of Foreign Affairs and Trade.

In other news, the Thai Chamber of Commerce (TCC) expressed its expectations for the Bank of Thailand to consider a reduction in interest rates. The TCC argued that although the economy is on a recovery trajectory, it remained susceptible to various challenges.