There are opportunities for companies from Hungary and Singapore with complementary strengths to work together in manufacturing, transport and logistics, wholesale trade, and information and communications technology (ICT), Minister for Trade and Industry (Trade) Lim Hng Kiang said.
Mr Lim was making closing remarks at a Singapore-Hungary business forum yesterday in Singapore. On Tuesday, Hungarian Prime Minister Viktor Orban and Prime Minister Lee Hsien Loong signed three agreements in aviation, education and food safety as they agreed to boost economic cooperation.
Singapore currently hosts about 80 Hungarian companies and Mr Lim said he welcomed more Hungarian companies "to leverage our connectivity to the region to tap on growing opportunities in Asean".
He noted that Hungary, in turn, offers good opportunities for Singapore businesses due to its strategic location at the heart of Europe and access to the fast-growing markets of Central and Eastern Europe.
Singapore companies present in Hungary include GIC, Hyflux, Thakral Holdings Group, Venture, Interplex and Patec.
"Our companies could partner each other to invest or develop new manufacturing technologies, jointly plan and develop logistics infrastructure, hubs, and special economic zones, and provide ICT services," said Mr Lim.
He cited the joint venture between Hyflux and Hungarian consumer water technology company Kaqun - which are working together to grow their consumer products business in the Asia-Pacific, Middle East and Africa - as a good example of a collaborative, win-win partnership.
Four memoranda of understanding were also signed yesterday, including agreements to facilitate investment and trade flows between the two countries.