24/02/2024 11:00 AM

KUALA LUMPUR, Feb 24 (Bernama) -- The Federation of Malaysian Manufacturers (FMM) has inked a memorandum of understanding (MoU) with the Hungarian Chamber of Commerce and Industry (HCCI) in conjunction with the HCCI delegation’s visit to Malaysia from February 21-23, 2024.

In a joint statement today, FMM and HCCI said the MoU aimed to establish a framework for collaboration between both parties to support industrial development in Malaysia and Hungary and to strengthen mutual understanding and cooperation between the business community.

According to the Department of Statistics Malaysia, total trade between Malaysia and Hungary amounted to US$644 million in 2023, with exports of US$498 million and imports of US$146 million. (US$1 = RM4.78)

FMM president Tan Sri Soh Thian Lai said the MoU will provide more opportunities for Malaysian businesses to explore potential trade opportunities in Hungary and welcome investments from Hungary to Malaysia given the strategic location of Malaysia in Asean coupled with the most recently signed free trade agreements, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and Regional Comprehensive Economic Partnership (RCEP).

HCCI president Dr Laszlo Parragh said that being Hungary’s second-largest trading partner from Asean, Malaysia is welcome to tap on Hungary as a gateway to the European Union’s market of close to 500 million population.



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