New Delhi: Inviting greater investments from Hungary, India particularly wants bilateral cooperation in the field of green hydrogen, besides nuclear energy and solar power.
Minister of State for External Affairs Meenakshi Lekhi, while reaching out to Hungary, pointed out that India is seen as a production hub and not just a market.
Addressing ‘India-Hungary Business Forum’ here in presence of Hungarian Minister of Foreign Affairs Peter Szijjarto, she said post-COVID, borders are opening and business is also reopening.
“We hope for greater business success in coming days for everyone… When India benefits, everybody else also benefits out of us,” Lekhi said.
The Minister highlighted that India has invested more in Hungary as compared to Hungary’s investment in India.
“I will seek more investments coming in from Hungary as well to India as the costs will go down,” she said.
“Because of large consumer base, the cost and availability of materials, the production cost is likely to go down,” Lekhi said.
“The distance between the two countries can only be cooped up by producing in India and making it in India for the world,” she emphasized.
Talking about relations with Hungary, she said, “Apart from the nuclear energy and the solar alliance in which India is working rapidly, we also need to focus more green hydrogen.”
Inviting Hungary to collaborate in this sector, she said, “This is another area where cooperation can come and maybe simultaneously, we can manage the wastes and solid waste management can be part of this very functionality.”
Lekhi added, “We already have seen a rise of business between Hungary and India to the extent of 18 percent and even during COVID which shows that no matter how difficult the circumstances are, but to establish a relationship of trust, that trust will overtake everything else, and that’s the situation between Hungary and India.”
Szijjarto said the vision of the new Hungarian government is “to protect and defend our achievements” when it comes to safe supply of energy and economic security as well.
He said these goals can also be achieved through cooperation with the Indian companies and Indian economy as well.
He also highlighted 4 key areas for stronger India-Hungary relations which include political issues, people-to-people contacts, contractual conditions and extending Line of Credit of 550 million Euros exclusively to finance India-Hungary business to business cooperation.
Szijjarto said Hungary is building a new nuclear power plant which will be commercial by 2030.
“We are also making significant solar investments,” he said.
“By 2030, generation of energy will be free of carbon emission to the extent of 90 percent. But we want a stronger cooperation in solar energy investment, and we have also joined the International Solar Alliance and with that we hope to accelerate our investments into solar energy,” he added.