The Budapest Chamber of Commerce will bring business delegates to Bangkok to foster closer ties with Thai firms on Monday.
The Hungarian-Thai Chamber of Commerce (HunCham) and the Hungarian Embassy held their first gala dinner titled "Beyond Horizons: Hungarian Gala of Taste & Culture" at the start of this week to promote the central European country's culture, businesses and education among the Thai public while fostering closer ties.
During her opening remarks, HunCham President Pojjana Paniangvait said the Budapest Chamber of Commerce would bring Hungarian trade delegates to Thailand for business matching sessions in the capital next week.
HunCham was established in May 2023 based on the following objectives: promoting trade and investment, fostering cultural exchange, encouraging tourism activities, and facilitating educational opportunities.
It oversaw the signing of an MoU between the two chambers of commerce at its headquarters in Budapest last September, which was attended by 50 delegates from both countries.
"The business matching event next Monday will provide significant opportunities for businesses from both sides to explore potential collaborations and partnerships," Ms Pojjana said.
Sandor Sipos, the Hungarian Ambassador to Thailand, said bilateral ties have been developing well, especially in terms of trade and investment, given the record-high trade figures recorded recently.
Hungarian exports to Thailand amounted to US$139 million last year with a total trade balance worth $614 million, he said, drawing particular attention to exports of Hungarian foie gras that have been increasing annually since 2022.
Wine has been another success story, with Hungarian exports to the kingdom having grown seven-fold as of 2023, Mr Sandor said. Meanwhile, 12,000 Thai tourists visited Hungary last year to mark a new record.
"I am delighted to share with you that recently, three prominent Hungarian medical companies also successfully concluded business deals with Thai hospitals, as well as agreed on the export of medical devices to the kingdom," Mr Sandor said.
Nalinee Taveesin, an adviser to the prime minister and president of Thailand Trade Representatives, said both countries are situated in strategic locations. Hungary is in the centre of Europe, which is the gateway to the Balkans, while Thailand serves as the bridge connecting the Indo-Pacific, she said.
"By fostering closer ties, Hungary and Thailand can use our geographical advantages to increase our trade volumes, as well as intercultural exchanges by way of tourism and cooperation in education," she said.