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Thursday, December 1, 2022

Morocco, Hungary Trade Increased by 24% in 2021

Mihaly Varga, Hungary’s Minister of Finance, said that trade between Morocco and Hungary reached $260 million in 2021, marking an annual growth of 24%.

On Tuesday, Varga held a meeting with his Moroccan counterpart Nadia Fettah Alaoui on the sidelines of the general assembly of the European Bank for Reconstruction and Development (EBRD).

Morocco provides new opportunities for Hungarian companies with innovative products and technologies, Varga said after the meeting, adding that Hungarian exports of electrical equipment and vehicles to Morocco are significant.

Varga also reiterated his country’s commitment to boosting cooperation with Rabat in sectors such as agribusiness, renewable energy, technological development, and water management.

To advance economic ties between Budapest and Rabat, the Hungarian diplomat said that a Morocco-Hungary Business Council is scheduled to be launched soon.

Currently, Morocco-Hungary cooperation extends to areas such as regional and global stability and peace, research and development programs, and health care.

Read Also: Morocco, Hungary Sign Agreement On Nuclear Energy Cooperation

The meeting between Alaoui and Varga was on the sidelines of the EBRD annual gathering, which brings together senior EBRD officials, economists, corporate executives, and media representatives as well as government officials.

Annually the EBRD business forum is organized in parallel with the annual board meeting. This year, Marrakech is hosting the two events between May 10 and 12, making it the first international event organized by Morocco since the emergence of the COVID-19 pandemic.

Organized during an ongoing international crisis, the EBRD border meeting and business forum have covered multiple discussion panels on pressing topics such as climate change, food security, digitization, and equality in times of crisis.

Upon the meeting’s inauguration on May 10, Minister Alaoui held a series of bilateral meetings with Ministers of Economy of Moldova, Turkey, Switzerland, and the United States to explore new areas of cooperation.

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