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The Department of Commerce and Industry (DTI) said the Philippines and Hungary sought to strengthen their ties by signing three agreements during the Second Session of the Joint Philippine-Hungarian Commission for Economic Cooperation last week.
Agreements were signed between the Philippine Food and Drug Administration and the Hungarian Ministry of Agriculture on cooperation in the field of food safety; National Management Council for Disaster Risk Reduction of the Office of Civil Defense and the Hungarian Water Technology Corporation; and Laguna Lake Development Authority and Hungarian Water Technology Corp.
“Both parties highlighted the possibility of collaboration between startups in the countries and welcomed the initiative of the private sector considering the discussion between the relevant actors. Both parties also recognized the importance of improving bilateral trade and investment flows and strengthening technical cooperation in light of the current pandemic, ”said a statement on the signing of the agreements.
The Philippines, for its part, presented opportunities in pharmaceuticals, personal protective equipment and medical devices.
Specific cooperation initiatives in the field of electronics were also presented, such as collaboration in integrated circuit design and the establishment of closer relationships between the Philippine and Hungarian electronics industry associations.
“As we face the task of economic recovery from the Covid-19 (2019 coronavirus disease) pandemic, we hope to foster synergies based on each other’s strengths and our shared interests in a number of areas such as manufacturing. because we see Hungary as one of products driven by innovation. We invite Hungarian companies to use the Philippines as their base to expand their operations in Southeast Asia and we will be more than happy to assist them in this process, ”said Undersecretary Ceferino Rodolfo, quoted in a statement.
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