HUNGARIAN firms want to do more business in the Philippines, especially in electronics, semiconductors, information technology and business process management, and software development, the Trade Department said on Thursday, citing a top Hungarian official who spoke at the Philippine-Hungary Business Forum last Dec. 3.
“We are witnessing growing synergies between our countries, and we also see that Hungarian businesses are increasingly interested in the vibrant and diverse market of the Philippines. At the same time, Filipino entrepreneurs are recognizing the strategic advantages that Hungary, as a hub, can offer,” said Katalin Bihar, deputy state secretary for external economic relations, Ministry of Foreign Affairs and Trade of Hungary.
“The Philippines is well-positioned for outsourcing and tech ventures, especially with its skilled workforce. We offer immense opportunities for growth, collaboration and innovation. Hungary, meanwhile, offers access to European Union markets and a favorable business climate. I am confident this collaboration will yield mutual benefits,” Trade Undersecretary Ceferino Rodolfo said.
The volume of trade in 2023 between the Philippines and Hungary amounted to over $199 million. Bihar said there is still room for improvement.
Hungarian Ambassador Titanilla Tóth and Philippine-Hungarian Business Council lead Perry Ferrer acknowledged the mutual benefits of enhanced economic cooperation between the two nations.
Rodolfo cited the transformative changes in the Philippine business environment through the Create Act and its expanded version, Create More. These legislations offer long-term fiscal incentives and green-lane facilitation for expedited investment approvals that create a competitive and investor-friendly business environment.
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