Hungarian meat exports greenlighted to Philippines – UPDATE

Budapest, March 28 (MTI) – Three Hungarian companies have been given the go-ahead to export meat to the Philippines, Foreign Minister Péter Szijjártó said at a business forum in Manila on Tuesday.

The minister called agriculture a key area of economic cooperation between the two countries, adding that the start of meat exports would give a big boost to Hungarian farm exports to the Philippines.

He noted that bilateral trade turnover was worth 200 million US dollars last year. “This is not a small amount but there is room to grow,” Szijjártó said. Hungary and the Philippines have signed a bilateral economic cooperation agreement and Hungary’s Eximbank will provide a 510 million euro credit line in support of cooperation between companies of the two countries.

UPDATE

Szijjártó insisted that Hungary has the strictest food safety rules in Europe and he noted that its constitution guarantees GMO-free farming.

Besides agriculture, the minister mentioned research-driven IT sector development and water management as other potential areas for cooperation.

Szijjártó said that thanks to Hungary’s “brave decisions”, it had created the most attractive and competitive investment environment in Europe, with the lowest corporation tax, set at 9 percent, and a 15 percent income tax, as well as rules aimed at maximising labour market flexibility and a German-style vocational training system.