South Africa’s Economic Development Minister Ebrahim Patel and Hungary’s State Secretary of the Ministry for National Development and Economy, Zoltan Mester, this week signed an agreement to develop and strengthen economic and industrial cooperation in areas of mutual interest between the two countries.

The governments would also encourage and facilitate contact and cooperation between businesses in the countries in pursuance of commercial opportunities.

“This agreement seeks to encourage trade and economic cooperation between Hungary and South Africa, through the exchange of business missions, sharing of information on trade and investment opportunities,” said Department of Trade and Industry Bilateral Trade Relations chief director Victor Mashabela.

He added that the agreement also created an official working relationship between the two countries as it has established a joint committee that would periodically meet.

The purpose of this committee would be to review progress on the implementation of this agreement and to discuss and agree on projects that will advance the bilateral trade and investment relationship between the two countries.