Chennai: Hungary is keen on investments from India in the automobile sector, particularly auto components.
Addressing the members of the Southern India Chamber of Commerce and Industry here on Wednesday, Mr Janos Terenyi, Ambassador of Hungary in India, said there are huge capacities in his country that were supplying components to bus and truck manufacturing companies in the erstwhile Soviet bloc. The country now needs investments to revive those units, he said.
Bilateral trade
Hungary is an important member of the European Common Market and the European Union, and with its strategic location in the heart of Europe it can provide an important gateway to Europe. Currently, bilateral trade between India and Hungary is estimated at $30 million.
Pointing this out, Mr Terenyi said, the trade between the two countries is on the upswing, and collaboration, co-operation and joint promotion between the two countries in the fields of automobile and auto components sectors will further this.
Besides, he said his country is interested not only in improving the business and trade relationship with India but also the political, economic and cultural relationship. “We want to maintain the whole spectrum of relationship with India,” he said.
Talking about Chennai, he said the city, which is described as the Detroit of Asia, is likely to become the manufacturing hub of the world. “And, we would like to explore investment opportunities here in other sectors too.”
Road-shows planned
According to him, Hungary is planning road-shows in Delhi, Mumbai, Kolkata and Chennai in the second half of the year. These shows, to be jointly organised by the Hungary Chamber of Commerce and Industry and association of industry bodies, will be specific to the business needs of each city.
Earlier, Mr Jawahar Vadivelu, President, SICCI, said in his welcome address that India's exports to Hungary have touched $270 million. And about 58 per cent of India's imports from Hungary comprise mobile phones and chemicals.
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