Cambodia, Hungary sign agreement on investment protection

Cambodia and Hungary on Thursday reached an agreement on mutual investment protection, which will pave the way for the two countries to boost economic and trade relations.

The agreement was inked between Sok Chenda Sophea, secretary general of the Council for the Development of Cambodia, and visiting Hungarian Minister for Foreign Affairs and Trade Peter Szijjarto, under the presence of Cambodian Deputy Prime Minister and Foreign Minister Hor Namhong.

"After this agreement, there will be more trade exchanges between the two countries,"Hor Namhong told reporters after the signing ceremony, expressing his belief that Hungary would buy more milled rice, garment, and footwear from Cambodia.

Peter Szijjarto said the two countries would explore cooperation in agriculture and food industry, pharmaceuticals, information technology and engineering science.

"Signing the agreement on mutual protection of investment is a very good basis,"he said, adding that the Hungarian Eximbank has opened its credit line of 27 million U.S. dollars to facilitate the business-to-business cooperation between Cambodian and Hungarian companies.

Also on Thursday, a Hungary's trade representative office was opened in Phnom Penh to assist Hungarian and Cambodian companies to work together, he said.

Peter Szijjarto arrived in Cambodia on Wednesday for a two-day visit. He is scheduled to pay a courtesy call on Prime Minister Hun Sen on Thursday afternoon. Endit