BUDAPEST, HUNGARY–During the 5th Joint Commission on Economic Cooperations (JCEC) Meeting, the Philippine and Hungarian governments took note of the progress made in their trade and investment relations. They discussed opportunities to boost economic activities between the two countries. 

The two officials cited constant increases in bilateral trade, both exports and imports, for the last three years. The Philippines’ top exports to Hungary are digital monolithic integrated circuits, semiconductor devices; storage units, and machine parts and accessories. Meanwhile, the top imports from Hungary are cash registers and automatic data-processing machine parts and accessories. 

The two countries were also open to pursuing cooperation activities on integrated circuit (IC) design. They emphasized embarking on human resource development and technology sharing, aiming to strengthen their respective semiconductor industries. 

“Indeed, there are many investment opportunities for Hungarian companies in the Philippines. The country presents mutually beneficial investment areas such as water technology, food processing, smart agriculture, and digital technology. We will sustain our active engagements to attract quality investments and foster meaningful collaborations with business sectors,” Undersecretary Allan B. Gepty underscored. 

With this economic stride, DTI Secretary Fred Pascual expressed commitment to pursuing significant bilateral collaborations that will increase investments and advance the country’s economic growth and development. 

“The Philippines stands ready to welcome and foster meaningful bilateral partnerships, leveraging our strengths in diverse sectors like water technology, digital innovation, and smart agriculture, among others. With a future-ready workforce and a rich pool of intellectual capital, we offer a partnership and a vibrant ecosystem primed for innovation, technology, and sustainable growth.” Secretary Pascual said. 

Further, Undersecretary Gepty presented the Philippines as an ideal investment destination with its future-ready workforce during a business forum held at the sidelines of the 5th JCEC meeting.  

“In this time of knowledge and creative economy, fueled by unprecedented technological advancement, we need dynamic and innovative minds. I can say that the Philippines would be a good partner in this area.  More than being young, we have strong intellectual capital, so it is not surprising that many Filipinos made a mark in Sillicon Valley, and other innovative start-ups,” Gepty said. 

The active economic engagements with Hungary for the last five years have opened vast opportunities for the Philippines, such as scholarship programs, research and development (R&D) collaboration, and even labor employment opportunities for skilled workers in manufacturing, logistics, and transportation.  ♦

Date of release: 13 December 2023

Related posts:

Philippines, Hungary strengthen economic ties, marks an important year in the 5th Joint Commission on Economic Cooperation High-level meeting underlined the Philippines, Hungary strong bilateral ties  Bilateral meeting with Japan’s Ministry of Economy, Trade, and Industry (METI) DTI chief Pascual affirms strong bilateral trade relations with UAE  Five LOIs signed, set to create more jobs for Filipinos—Trade Chief Secretary Pascual spearheads discussion for digital and sustainable investments in various sectors Secretary Pascual inks MOU with UAE to boost PH digital infrastructure