Lekhi seeks more investments from Hungary in nuclear, solar and hydrogen
Hungary’s Minister of Foreign Affairs and Trade Peter Szijjarto has called for Euro550 million credit line to finance India-Hungary business-to-business cooperation for building strong bilateral relations.
He also called for a stronger cooperation in solar energy investment and underlined, “We have joined the International Solar Alliance and with that we hope to accelerate our investments into solar energy.”
In order to reach to these goals, Szijjarto wants to see cooperation of the Indian companies and Indian economy with that of his country’s.
Addressing the ‘India-Hungary Business Forum’, organized by FICCI jointly with the Embassy of Hungary, New Delhi, he shared the vision of new Hungarian Government to protect and defend “our achievements which we have achieved so far when it comes to safe supply of energy and economic security as well”.
Szijjarto further informed the forum that Hungary is building a new nuclear power plant which will be commercial by 2030 while it is making significant investments in solar energy.
“By 2030, generation of energy will be free of carbon emission to the extent of 90%,” he said of the developments in his country.
Meenakashi Lekhi, Minister of State for External Affairs, told the forum that as borders and businesses are opening post-Covid, India is seen as a production hub and not just as a market.
“We are able to bring in more business to India for the benefit of everyone. When India benefits everybody else also benefits out of us. And we hope greater business success in coming days for everyone,” she said.
Lekhi said, “Apart from the nuclear energy and the solar alliance in which India is working rapidly, we also need to focus more on green hydrogen.” The Minister invited Hungary to collaborate in this sector.
“This is another area where cooperation can come and maybe, simultaneously, we can manage the wastes and solid waste management can be part of this very functionality.”
Lekhi further said that with regard to the East, as far India is concerned, the investments and businesses come with no hidden agenda and its business as business.
“We already have seen a rise of business between Hungary and India to the extent of 18% and even during COVID which shows that no matter how difficult the circumstances were.”
From now on, Lekhi wants to establish a relationship of trust, that trust will overtake everything else, and stressed, “that’s the situation between Hungary and India”.
The Minister also highlighted that India has invested more in Hungary as compared to Hungary’s investment in India.
“I will seek more investments coming in from Hungary as well to India as the costs will go down. Because of large consumer base, the cost and availability of materials, the production cost is likely to go down,” she said on 27 May 2022.
“The distance between the two countries can only be cooped up by producing in India and making it in India for the world.”
Subhrakant Panda, Senior Vice President, FICCI and Managing Director, IMFA, signed for FICCI an agreement with Hungarian Investment Promotion Agency (HIPA) to promote trade and investment between two countries.
He said that Hungary is an important partner for India. “An active engagement with Hungary will have a positive impact on India-EU relations.”
Panda said that in order to further take the India-Hungary trade relations to newer heights, 4 key areas require cooperation which include Electronics, ICT, Digitization and 5G technologies; focus on renewable energy where both countries can work on developing green technologies at affordable cost; enhancing India’s connectivity with Hungary extending to EU, Baltic and Nordic regions; and jointly cooperating in diverse sectors including ayurveda, oil exploration, educational and cultural exchanges.
FICCI Director General Arun Chawla added that India-Hungary Business Forum is an initiative by FICCI in collaboration with the Embassy of Hungary in New Delhi to cement business ties between the two countries. fiinews.com
