Economy, Domestic Economy

Trade Delegation to Visit Hungary

Trade Delegation to Visit Hungary Trade Delegation to Visit Hungary

Valiollah Afkhami-Rad, head of the Trade Promotion Organization of Iran, is due to visit Budapest September 14-18 at the head of a commercial delegation.

The Iranian mission comprises of representatives from the public and private sectors in a wide range of fields, namely industries, nanotechnology, oil and petrochemicals, foodstuff, pharmaceuticals, agriculture and fisheries, banking and insurance, informatics, construction and handicrafts, the Persian economic newspaper Donya-e-Eqtesad reported.

 The delegation will call on their Hungarian companies and get acquainted with  the country’s market conditions and regulations, tour industrial and technology parks and logistics centers and take part in a forum on joint investment and opportunities for economic cooperation.

Iran and Hungary signed eight memoranda of understanding on economic cooperation during Hungarian Prime Minister Viktor Orban’s visit to Iran late last year – the first by a Hungarian leader in 27 years.

The documents focused on various issues, including closer interaction between the two foreign ministries, double taxation avoidance and boosting investment and cooperation in tourism and cultural heritage, as well as communications technology.

Iran exported some $4 million worth of goods to Hungary during the past Iranian year (ended in March, which indicates a 50% rise compared to the year before. In return, $9.86 million worth of goods were imported, which shows an 18% rise, according to the Islamic Republic of Iran Customs Administration.

Available data on bilateral trade pertains to the first four months of the current Iranian year. According to IRICA, Iran exported 574 tons of goods worth more than $863,000 to Hungary during the four-month period, registering a 16% drop compared to the similar period a year before.  Raisin, carpet, polystyrene, date (fruit), pistachio and tea were among the main exports. Meanwhile, more than 1,200 tons of goods valued at $5.1 million, including medical equipment, industrial parts, machinery, pharmaceuticals and vegetable seed, were imported, showing a 134% increase year-on-year.