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Hungary and Turkey launch joint economic development programs in Africa

Hungary and Turkey are implementing joint economic development programs in Africa, which are expected to improve local living conditions and thus reduce migration pressure, Minister of Foreign Affairs and Trade Peter Szijjarto said Thursday after receiving Turkish Trade Minister Mehmet Moss in Budapest.

At the Hungarian-Turkish Business Forum “Irány Afrika”, Peter Szijjarto emphasized that Africa must be supported so that the continent’s population retention strength can keep pace with population growth.
According to his words, it is necessary to help locally so that the countries of the continent can direct their extraordinary resources into the economy and improve living conditions so much that staying at home is a realistic option for people.

Africa does not need a spirit of colonialism, education or rationalization, but rather cooperation based on mutual respect and mutual benefit. – He said.

Minister of Foreign Affairs and Trade Peter Szijjarto delivers a speech at the Hungarian-Turkish Business Forum “Iran Afrika” at Kempinski Hotel on March 3, 2022Source: MTI / Attila Kovács

The head of the ministry stated that Hungary has increased the number of its representations in Africa to sixteen in recent years, while the value of trade with the countries of the continent has risen to one and a half billion dollars, and the government has helped in fighting the epidemic. 2.6 million doses of the coronavirus vaccine.

He also noted that 1,200 higher education scholarships are offered annually to African students in Hungary, where currently 2,336 African students are studying through some kind of scholarship programme.
or announce it The Hungarian and Turkish Export Bank concluded a reinsurance agreement by providing a credit line of one hundred million dollars, allowing coordinated financial support to the companies of the two countries in the case of African projects. In this regard, he cited as an example the project expected to start this summer, under which Hungarian and Turkish companies will jointly build oncology centers in Ghana.

The minister noted that Hungary’s Eximbank is already in Africa with €1.2 billion in financing, but is ready to further support local businesses.

Finally, he talked about how the Hungarian economy, despite the crisis, broke a triple record last year, in which Hungarian-Turkish trade relations played an important role. According to his information, the value of bilateral trade exchange with an increase of 15 percent in 2021 approached four billion dollars, which is considered a peak.

He said, “Cooperating with Turkey and the Turkish economic parties gives us a sense of security, because when we cooperate with the Turks, we cooperate with friends, with a strong global economic representative who has always proven to be a fair and reliable partner.”

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