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Israel, Hungary sign economic cooperation agreement


Israel, Hungary sign economic cooperation agreement

Trade between Israel and Hungary plunged 24% in 2005.

7 Feb 06

Israel and Hungary have signed an economic cooperation agreement and a statement of intent on cooperation in R&D. Cooperation was expected after Hungary became a member of the European Union (EU). The Israel Ministry of Industry, Trade, and Labor said that the agreement had opened cooperation opportunities to Israeli companies, mostly in the water, environmental, R&D, and venture capital sectors.

Minister of Tourism Abraham Hirchson signed the economic cooperation agreement, and Ministry of Industry director general Raanan Dinur and Chief Scientist Eli Opper signed the MOU on R&D cooperation. State Secretary of the Hungarian Ministry of Economics and Transportation Tibor Szanyi met with Dinur and Opper yesterday in Jerusalem. Szanyi’s deputy was appointed to head a Hungarian ministerial team for dealing with Israel. The team will be responsible for promoting economic cooperation between the two countries.

Opper said that the plan for R&D cooperation would have a great effect on all areas of trade between Israel and Hungary, and would enable Israeli companies to reach many markets in the region.

Ministry of Industry bilateral trade agreements division director Boaz Hirsch said that the reason for signing the agreement after Hungary joined the EU was the desire of the two countries to preserve their bilateral ties outside the EU institutional framework.

Trade between Israel and Hungary plunged 24% to $234 million in 2005. Israeli exports fell 3.5% to $74 million, and imports were down 30% to $160 million.

Israel’s main imports from, and exports to, Hungary are chemicals, simple metals, machinery, mechanical devices, electrical equipment, and plastic products.

 source: Globes