Home Economy India an example for Europe: Hungarian PM

India an example for Europe: Hungarian PM


Gurgaon : India’s economic success and the culture of diversity is a model for European countries, Hungarian Prime Minister Ferenc Gyurcsany said here Wednesday as he called for increasing business ties between the two countries.

“We are using India and China’s success as an argument for encouraging new reforms shaping our own economies and societies,” the Hungarian leader, who began his four-day visit to India, said at a business conclave in Gurgaon.

India’s success in preserving its diverse culture, history and national pride on one hand and parallel modernizing itself is a source of encouragement for the European economies, he said at the Partnership Summit, organised by the Confederation of Indian Industry (CII).

Gyurcsany also exhorted Indian businessmen to step up investment in his country. Opportunities for trade and investment exist in energy, food processing and IT sectors, he said.

Underlining the importance of globalisation, he stressed the need for greater focus on education in the battle against poverty.

Gyurcsany will also visit Agra and Bangalore, India’s IT hub.

Bilateral trade between the two countries is growing, although it is much below potential. India’s exports to Hungary in 2006-2007 amounted to $142.5 million, while imports from Hungary were $128.3 million.

Indian companies have acquired a presence in Hungary in sectors such as pharmaceuticals, IT, power, and auto-components.

India will seek the support of Hungary, a member of the 45-nation Nuclear Suppliers Group (NSG), in its quest for global civil nuclear cooperation when Prime Minister Manmohan Singh holds talks with his Hungarian counterpart here Friday.

The two leaders will also discuss steps to boost bilateral and international issues, including intensification of economic ties between the two countries.

The Hungarian leader will also meet President Pratibha Patil, External Affairs Minister Pranab Mukherjee, ruling United Progressive Alliance (UPA) chairperson Sonia Gandhi and Leader of Opposition L.K. Advani.

Hungary backs India’s candidature for a permanent seat on an expanded UN Security Council.