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Publish Date : 14-Nov-2013

Hungary strongly supports the early ratification of the European Union-Singapore Free Trade Agreement (FTA). President Tony Tan Keng Yam is in Budapest for a three-day state visit. He thanked his Hungarian counterpart Janos Ader for his country's support. Dr Tan said both he and Mr Ader agreed that both countries should work together to ratify the agreement soon.

Dr Tan was received by Mr Ader at Sandor Palace, the office of the Hungarian president. This was Dr Tan's first state visit to Europe. In their meeting, the two presidents discussed how economic ties between Singapore and Hungary can be boosted. Dr Tan said the EU-Singapore FTA is vital to develop trade not only between Hungary and Singapore but also between Asia and Europe.

The FTA will be signed by both Singapore and the EU next year and will be presented to the European Parliament for ratification. It will come into force in 2015.

Dr Tan said, "Some Singaporean companies have established plants in Hungary using Hungary as a gateway to Europe. I'm sure there is potential to further strengthen these bilateral ties and it's good that we promote direct contact between the businessmen of Singapore and Hungary, because it is the private sector who will come up with viable schemes, and in this connection I think there is a great interest among Singapore companies to do even more in Hungary."

In 2012, Hungary was Singapore's 14th biggest trading partner in the European Union and ranked 57th globally.

Mr Ader said, "Hungary has been one of the primary partners of Singapore in this region, and despite the crisis in this region and the ups and downs of the crisis, the trade turnover has been continuously above US$1 billion over the past years."

Singapore and Hungary will also cooperate further in academic research.

President Tan noted that Hungary has a distinguished record of discoveries in science. The country has already produced 14 Nobel Laureates in its history so far. He hopes his visit would bring more exchanges between senior academics and researchers between the two countries and in specific areas like water management and sustainable development.

Dr Tan said one area which Singapore and Hungary can collaborate immediately is in tourism. He said that Hungary has a great history. It will be of interest for people in Asia. With the growing wealth in Asia, Hungary can be an exciting destination for them. Dr Tan also met Hungarian Prime Minister Viktor Orban and Speaker of Parliament Laszlo Kover.

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