Hungarian-Iranian mixed committee holds inaugural meeting in Budapest

Budapest, February 7 (MTI) – Several economic agreements were reached at the inaugural meeting of the Hungarian-Iranian economic mixed committee, Foreign Minister Péter Szijjártó said after the meeting on Tuesday.

Bilateral trade between Hungary and Iran totals an annual 30 million dollars at present, less than one-tenth of the 350 million dollars reached before sanctions were introduced, he told a press conference.

Hungary’s Eximbank has opened an 85 million euro credit line to support Hungarian-Iranian business ties and the establishment of joint ventures, Szijjártó said.

Once okayed by Brussels, the two countries will begin talks on an investment protection deal, the minister said. Eximbank will lead the talks on creating direct inter-bank links, he said.

The two countries also reached a deal that will afford Hungarian products and technologies an advantage with Iran’s import licensing authority, he added.

Szijjártó also said an agreement was reached on Hungary’s Ikarus Global delivering several hundred buses to Tehran with the financing of Eximbank.

He identified prospects for Hungary in food exports to Iran, a country heavily dependent on buying farm products from abroad.

The two countries will enhance cooperation in the energy sector, Szijjártó said, adding that this would include opportunities for Hungarian companies in developing Iran’s energy infrastructure.