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.
“We both do believe in the importance of dialogue,” Szijjártó said. “We also believe that mutual respect should serve as the basis of international politics. We believe that [passing] judgement, lecturing each other, cornering or criticising each other — which became the basis of international politics in the recent years — have led to serious problems in global politics.”
He said the two countries were in agreement that international politics should once again be based on the respect of sovereignty instead of countries interfering in each other’s domestic affairs. “Instead of dividing the world into blocs again we should promote connectivity,” Szijjártó added.
The two ministers signed an agreement on cultural cooperation with special regard to archaeology. Both countries are proud of their rich historical and cultural heritage, while both have “made significant sacrifices for independence and sovereignty”, Szijjártó said.
Despite international efforts, “there is a big threat of terrorism from Afghanistan” and it raises the risk of further waves of illegal migration towards Europe, Szijjártó said, highlighting Pakistan’s efforts against terrorism. Both Pakistan and Hungary were “proud members of the global peace camp”, he added.
“It’s shocking to see that some European politicians are trying to undermine the success of the peace negotiations in Ukraine,” he said. “It’s shocking to see European politicians deciding in favour of the prolongation of the war in Ukraine; it’s shocking to see that while the entire world, including the Americas, Asia, and Africa, are in favour of peace returning to Europe, it is the European politicians going against it.”
“This is unacceptable. Therefore we call on all European politicians not to undermine the peace efforts of President Trump when it comes to bringing peace back,” he said. The EU needs reliable partners such as Pakistan, Szijjártó said, and voiced support for expanding the GSP+ system to ensure “a special tariff-free regime of trade” between partners after 2027. “This is a mutual interest of both of us. Unfortunately the European Union has isolated itself … [but] I hope that it is not going to last forever,” the minister said.
Concerning bilateral ties, Szijjártó welcomed that trade turnover has doubled this year, adding that several Hungarian companies have completed successful projects in Pakistan. Szijjártó also noted 16 humanitarian programmes the Hungarian government has completed to help Christian communities in Pakistan, and said that Hungary offers 400 scholarships to Pakistani students to study at Hungarian universities each year.
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