Sri Lanka and Hungary renew cooperation to boost ties in economy, trade, investment and tourism - Opportunity Sri Lanka
Sri Lanka and Hungary renew cooperation to boost ties in economy, trade, investment and tourism

Sri Lanka and Hungary renew cooperation to boost ties in economy, trade, investment and tourism

Sri Lanka and Hungary have reportedly renewed commitment to enhance bilateral ties given the vast potential in spheres of economy, trade, investment and tourism.

Bilateral ties have recently received a boost during the working visit of Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó to Sri Lanka.
Sri Lanka’s Foreign Minister Prof. G.L. Peiris has expressed Sri Lanka’s keen interest to transform Sri Lanka-Hungary bilateral ties into a results-oriented, multi-faceted partnership at a bilateral meeting with Minister Szijjártó.
According to Sri Lanka’s Foreign Ministry, the two Ministers had productive discussions on a multitude of areas of bilateral interest and Minister Peiris had noted with appreciation Hungary’s empathetic approach towards Sri Lanka in addressing residual issues of reconciliation and had apprised the Hungarian Minister on the progress in reconciliation and the credible domestic framework in process to promote and protect human rights, in keeping with the country’s international obligations.
Peiris has further noted that Hungary is a member of the European Union (EU), with which Sri Lanka maintains an important and abiding partnership.
The two Ministers have reportedly highlighted the importance of broadening and deepening economic relations, including the promotion of trade, investment and tourism ties in the current global context. Towards this end, the two Ministers agreed to convene the second session of the Sri Lanka-Hungary Joint Commission on Economic Cooperation (JCEC) at an early date this year.
Peiris has also referred to the need to optimise utilisation of the EU GSP+ facility in accessing the Hungarian market, as Sri Lanka›s key exports benefit from duty free access to the EU market while interest was also expressed in the early conclusion of the Double Taxation Agreement between the two countries, as well as cooperation, inter alia, in science and technology, Ayurveda and renewable energy.
During the visit, Minister Szijjártó was accompanied by a substantive business delegation from Hungary and had launched the Sri Lanka-Hungary Business Forum in partnership with Sri Lanka’s Minister of Trade Bandula Gunawardena under the aegis of the National Chamber of Commerce of Sri Lanka.
Hungary has provided infrastructure development assistance to Sri Lanka through a soft loan of € 52 million. The current projects in Sri Lanka include the construction of flyovers at Kohuwala and Gatambe.

OSL take:

Sri Lanka is in the process of renewing and revitalising bilateral and trade ties with foreign countries. Sri Lanka’s ongoing development programme and the positioning of the country as an emerging business destination in the South Asian region have all helped increase the business/investment opportunities in Sri Lanka. Also, the country’s geographical positioning in the Indian Ocean and the many trade agreements as well as concessions enjoyed by the country have also helped boost Sri Lanka’s attraction as a growing business destination. Foreign businesses/investors could therefore explore the growing opportunities in Sri Lanka as well as set up base in the island to engage with other countries using the many trade agreements and concessions enjoyed by the country.

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Article Code : VBS/AT/25012022/Z_3

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