MOL’s USD 400-million investment in Pakistan touted as Hungary–Pakistan success story

Minister of Foreign Affairs and Trade Péter Szijjártó called upstream investments in Pakistan by Hungarian oil and gas company MOL the “biggest common success story” of the two countries’ cooperation at a joint press conference with his Pakistani counterpart, Ishaq Dar, in Islamabad on Thursday.

In a statement issued by his ministry, Szijjártó noted that MOL had recently announced three new gas discoveries in Pakistan’s Tal block. He added that MOL had started work on a production strategy for the discoveries.

MOL has invested more than USD 400m in Pakistan in the past 25 years, he said. The company is runner-up in the country in terms of crude and propane butane gas production and fifth in terms of gas production, he added.

Hungarian, Pakistani business leaders meet in Islamabad

Hungarian and Pakistani business leaders met at a forum in Islamabad on Thursday. Opening the Pakistan-Hungary Business Forum, Minister of Foreign Affairs and Trade Péter Szijjártó said Hungary was striving to enhance economic ties with Pakistan. He added that there were no “political obstacles” to establishing cooperation between businesses, as Hungary and Pakistan’s ties were based on mutual respect.

Szijjártó said 17 executives of Hungarian companies had arrived with his delegation, representing sectors in which Hungary is at the global forefront. He added that companies in the security printing, animal welfare, cybersecurity and ICT businesses were represented at the forum.

He highlighted the use of Hungarian water management technology in regions as diverse as Asia, the Western Balkans and Africa. He added that Hungary’s food industry had to comply with the strictest regulations in all of Europe, as well as with a constitutional ban on GMO crops.

He said the Hungarian University of Agriculture and Life Sciences (MATE) was already cooperating with a number of Pakistani food industry companies, especially on seed planting developments. He also pointed to the presence of Hungarian medical technology companies, including manufacturers of implants and ventilators, on the local market.

He said Hungary offered 400 scholarships to Pakistani students to enrol at Hungarian universities each year. Szijjártó said a bilateral investment treaty was being drafted and an agreement on civil aviation could be signed soon, clearing the way for the launch of direct flights between the countries.

Szijjártó slams EU politicians

It is “shocking” that while nearly the entire world is seeking an urgent end to the war in Ukraine, certain European politicians are acting against those efforts, the foreign minister said in Islamabad. Hungary and Pakistan are working to build closer bilateral ties, Szijjártó said, according to a ministry statement, adding that they will sign an agreement later in the day to lift visa requirements for holders of diplomatic passports.