Hungary, Morocco Strengthening Economic Ties


Trade between Hungary and Morocco jumped by 24% in the past year, and the growing economy of the region offers good prospects for Hungarian companies, Finance Minister Mihály Varga said after meeting his Moroccan counterpart, Nadia Fettah Alaoui, in Morocco on Wednesday.


Trade between the two countries reached 260 million dollars last year, Varga said after the talks on the sidelines of the general assembly of the European Bank for Reconstruction and Development (EBRD). Hungarian companies with innovative technologies and products will find new opportunities in Morocco, Varga said. Hungarian exports of electrical equipment and vehicles there is significant, the finance ministry quoted Varga as saying. The aim is to boost ties in water management, farm and food processing technologies, energy management and property development, Varga said. The cooperation agreement concluded between the Hungarian and Moroccan customs and tariff authorities will also contribute to the development of ties, as will the Morocco-Hungary Business Council, which is scheduled to start work in the near future, he said.


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