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  • Four MOUs signed at Singapore-Hungary Business Forum to promote information exchange, bilateral investment and trade flows, and technology partnerships between Hungary and Singapore

Four MOUs signed at Singapore-Hungary Business Forum to promote information exchange, bilateral investment and trade flows, and technology partnerships between Hungary and Singapore

27 September 2017 [Singapore] - Business ties between Singapore and Hungary received a boost today with the signing of four Memoranda of Understanding (MOU) between Singapore and Hungarian entities (Refer to Annex). The signings were witnessed by Hungary’s Prime Minister Mr Viktor Orban and Singapore’s Minister for Trade and Industry (Trade) Mr Lim Hng Kiang.

The four MOUs were inked at the Singapore-Hungary Business Forum jointly organised by the Singapore Business Federation (SBF), Hungarian National Trading House and International Enterprise (IE) Singapore, in conjunction with the visit of Prime Minister of Hungary Viktor Orban and his 100-strong delegation of official and business representatives. The delegation comprised representatives from industries spanning agriculture and food, construction and engineering services, consultation and services, machinery as well as ICT.

The Forum featured presentations by the Hungarian National Trading House, Hungarian Export-Import Bank and IE Singapore on the economic developments, trade and investment opportunities in Hungary, as well as the potential areas of collaboration for Hungarian and Singapore companies.

One of the MOUs signed was between SBF and the Hungarian Chamber of Commerce and Industry. The MOU seeks to facilitate information exchanges between Hungary and Singapore, promote bilateral trade and investments opportunities amongst the business communities from both countries and avail platforms for technical cooperation.

In his remarks, Mr Ho Meng Kit, SBF CEO, said: “Through the MOU SBF signed with the Hungarian Chamber of Commerce and Industry, we will foster stronger collaborations in the areas of Info Communication Technology (ICT), Food & Lifestyle, as well as Infrastructure and Hospitality investments. There is also potential for Hungarian and Singapore companies to work together in the start-up space to jointly develop and testbed innovative solutions.”

The three other MOUs between Singapore and Hungarian entities comprised:
  • MOU between IE Singapore and Hungarian National Trading House;
  • MOU between IE Singapore and Hungarian Investment Promotion Agency;
  • MOU between Intellectual Property Intermediary Singapore and Hungarian National Trading House
Mr Lee Ark Boon, Chief Executive Officer, IE Singapore, said, “Singapore and Hungary are established in their respective regions in manufacturing, transport and logistics, and Infocomm Technology. Our MOUs pave the way for Singapore to exchange best practices and technologies, unlocking new opportunities and value for companies from both countries.”

Commenting on IPI’s MOU with the Hungarian National Trading House, Professor Lam Khin Yong, Executive Director of IPI said: “The Hungarian National Trading House and IPI have enjoyed a close working relationship since 2015 in promoting Hungary-Singapore technology partnership opportunities. Complementing each other's role in catalysing innovation amongst the SMEs, we are pleased to further our cooperation by connecting Hungarian and Singaporean SMEs for technology collaborations.”

Annex: Details on the MoUs

Speech by Minister for Trade & Industry (Trade) Mr Lim Hng Kiang

Speech by SBF CEO Mr Ho Meng Kit

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