South Africa and Hungary have undertaken to work together towards developing and strengthening economic and industrial co-operation, the Department of trade and industry said on Friday.

“They will also encourage and facilitate contact and co-operation between business persons in their two countries in pursuance of commercial opportunities,” the Department said in a statement following the signing of the agreement by Economic Development Minister Ebrahim Patel and his Hungarian counterpart Zoltan Mester on Thursday.

The parties agreed to exchange information on their economic development priorities; identify and facilitate investment and other economic opportunities; promote economic and investment missions bringing together potential business partners; exchange information on industrial fairs, exhibitions, missions and other promotional activities.

Chief Director of bilateral trade relations at the Department, Victor Mashabela, said the agreement created an official working relationship between the two countries as it established a joint committee that would meet periodically.

Its purpose would be to review progress on the implementation of the agreement and discuss and agree on projects that would advance bilateral trade and investment.

Source: Sapa online, 20091127

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