HTCC HELPS HUNGARIAN INVESTORS IN AFRICA, ESPECIALLY IN UGANDA

Featured News // 2016.03.04

Organized by the Hungarian Trade and Culture Center (HTCC), about 60 Hungarian businessmen traveled to Uganda at the invitation of the government to negotiate on economic and touristic cooperation. Minister of National Development Miklos Sesztak and Sandor Balogh, president of the African-Hungarian Union (AHU) were also among them, globoport.hu wrote.

“Hungary, due to the financial crisis, realized that there are other continents outside Europe it can trade with. It is very important to the development of foreign trade that we gain new markets for the Hungarian products and technologies” – Sandor Balogh said in InfoRadio.

According to the president of AHU, Uganda can be a priority target in Africa, it can offer plenty of opportunities for Hungarian entrepreneurs and investors. The central African country has begun to develop dynamically in recent times, the big economic powers have not flooded local markets so far, and business life is not overregulated, so the Hungarian companies seize significant opportunities.

It seems from the feedback of the Hungarian delegation that the contacting with the Ugandan people was successful. Specific businesses have been already discussed with the representatives of the Hungarian companies. In particular, the Hungarian companies dealing with IT and advanced transport technologies found partners in Uganda, but agricultural companies also negotiated on cooperation opportunities. Sandor Balogh said that energy industry can be another area where several Hungarian companies have a chance, since oil has been found in the central African country recently. The Uganda government set the goal that electricity has to be provided in every settlement, which helps the country’s development, economic growth in production terms too, globoport.hu wrote.

In addition, a Hungarian model farm and a distillery also work in Uganda where Palinka (a Hungarian brandy) is made from local ingredients which is becoming more and more popular among the locals. Hungarian financial services have been present in the country too, and a Hungarian hospital is under construction as well.

Development Minister Miklos Sesztak talked with satisfaction about the Uganda journey and the economic and commercial potentials in InfoRadio’s program called Vilagszam. The minister noted that Uganda is a democracy, the economic conditions are provided to establish substantial investments between the two countries. Hungary has know-how knowledge which can be very helpful for Ugandans. These include water treatment and water management in which Uganda is far behind. There can be not only public, but private business opportunities as well, because Ugandans have to spend money on a lot of things – Miklos Sesztak said.

The minister visited the model farm where Hungarian professionals examine what kind of plants, trees and animals should be deployed to Uganda, which are able to withstand local weather conditions. According to Miklos Sesztak, it is a very valuable initiative and he is happy that there is a Hungarian model farm which is able to work so well in Africa.

based on the article of globoport.hu
translated by BA

Source: http://dailynewshungary.com/htcc-helps-hungarian-investors-in-africa-especially-in-uganda/