The second Hungary-Latin America Forum in Budapest hold in the Parliament

Budapest, October 15 (MTI) – Hungary is diversifying its trade relations to the south and east to ensure it is among the winners in the new world order taking shape, Foreign Minister Peter Szijjarto said on Thursday.

This world order is emerging in the wake of global challenges and regional economic integration, the minister said at the opening of the second Hungary-Latin America Forum in Budapest.

At the start of this year, Hungary launched a policy of opening to the south in order to enhance economic ties with Africa, Latin America and the Caribbean region. As a result, exports to Latin America increased by 18 percent in the first seven months of the year, he added. Trade turnover increased by 26 percent in January-July this year and exports to Paraguay grew by 130 percent, to Salvador by 93 percent and to Argentina by 84 percent , he said. Despite the achievements, there is plenty of growth potential left in trade between Hungary and the region, he added.

Exminbank opened a 1.8 billion euros allocation to finance Hungarian companies’ activities in Latin America. In addition to large companies, small and medium-sized companies (SMEs) are planned to play a special role, Szijjarto said.

Under the arrangements of the policy of opening to the south, Hungary has been opening and reopening embassies and consulate offices in the region. There are a total of six now in Latin America. Additionally, 256 Stipendium Hungaricum scholarships have been allocated for countries in Latin America and projects have already been started with Uruguay, Argentina, Ecuador, Columbia and Mexico, Szijjarto said.

The two-day Hungary-Latin America Forum which started on Friday focuses on three topics: inter-governmental links and business ties in industrial and economic areas where Hungary can help Latin American countries, for instance in water, waste management and energy, as well as education and science links to mobilise students and teachers.