CPEC: Gwadar port to help Pakistan, other regional countries connect to world trade, says Hungarian envoy

Islamabad: Ambassador of Hungary to Pakistan Béla Fazekas has said that the completion of the China-Pakistan’s Economic Corridor (CPEC)’s Gwadar port would help Pakistan and other regional countries to be connected to world trade.

After the completion of the port, economic and trade links, especially with the Central Asian countries would also increase, the envoy said.

“It would pave the way for new avenues of bilateral economic cooperation,” said an official statement released after a meeting between the Ambassador, former president and vice-president of the Islamabad Chamber of Commerce and Industry (ICCI) Zafar Bakhtawari and Ahsan Bakhtawari here.

Béla Fazekas mentioned that the bilateral trade between Pakistan and Hungary has the potential to be increased to US $ 250 million.

Both countries, the envoy maintained, had potential for boosting bilateral trade in a number of sectors and new areas needed to be explored.

During the discussion, Béla Fazekas recalled that the volume of bilateral trade between the two countries had touched US $150 million in 2008, which had declined to the current level of US $50 million.

The ambassador hoped that a few upcoming agreements and Memorandums of Understanding (MoUs) would pave the way for boosting mutual economic cooperation between the two countries.

He pointed out that during the Covid-19, bilateral trade between the two countries had been affected but online and digital meetings were a better solution.

On this occasion, former president of ICCI Zafar Bakhtawari said that direct flights between both countries would not only improve trade ties but also increase people-to-people contacts.

He remarked that on an average, around five million Pakistanis visited foreign countries for tourism and trade.

He said air, road and rail links were essential for connecting Pakistan and Central Asian countries for enhancing mutual economic and trade.

In his comments occasion, former vice-president ICCI Ahsan Bakhtawari congratulated the Hungarian oil and gas company MOL for receiving medal of highest honor of Pakistan ’Sitara-e –Imtiaz’ in recognition of its valuable services.