IIPM PUBLICATION
If one takes
a look at the bilateral trade between India and Hungary the numbers are below expectation. The total trade between the two countries stood at a meagre $116 million in 2005-06. While exports from India aggregated $84 million, Hungary could barely post $32 billion worth of exports back to India. Unfortunately, both countries are still trading in the same items as they did nearly two decades back namely Maruti Vehicles, chemicals and cotton, whereas Hungary still exports machinery, steel & steel products and engineering equipment to India. However, in recent times both the countries have shown willingness to reinvigorate economic relations. Recently, Exim Bank of India & Exim Bank of Hungary signed Reciprocal Lines of Credit of $10 million each to support bilateral trade. The arrangement is aimed at catalysing bilateral trade that requires medium term credit support.
Of late, many Indian companies have made inroads into the Hungarian territory. Tata Consultancy Services has its European Soft ware Development Centre in Budapest, while Satyam has an office in Budapest. Moreover, in July 2006 Sun Pharma acquired Hungarian facility of US drug maker Valeant & Crompton Greaves purchased two Hungarian companies for €35 million this year. Furthermore, Nipuna Services – a subsidiary of Satyam too has announced plans to open a BPO centre in Hungary, which might give the much needed impetus to accelerate two way commerce. It’s time now for India to make further inroads and not to consider Hungary as unconquerable as its Rubik.
B&E Edit bureau: Sankalp Bhattacharjee
For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2006
An IIPM and Malay Chaudhuri – Arindam Chaudhuri Initiative
If one takes
a look at the bilateral trade between India and Hungary the numbers are below expectation. The total trade between the two countries stood at a meagre $116 million in 2005-06. While exports from India aggregated $84 million, Hungary could barely post $32 billion worth of exports back to India. Unfortunately, both countries are still trading in the same items as they did nearly two decades back namely Maruti Vehicles, chemicals and cotton, whereas Hungary still exports machinery, steel & steel products and engineering equipment to India. However, in recent times both the countries have shown willingness to reinvigorate economic relations. Recently, Exim Bank of India & Exim Bank of Hungary signed Reciprocal Lines of Credit of $10 million each to support bilateral trade. The arrangement is aimed at catalysing bilateral trade that requires medium term credit support.Of late, many Indian companies have made inroads into the Hungarian territory. Tata Consultancy Services has its European Soft ware Development Centre in Budapest, while Satyam has an office in Budapest. Moreover, in July 2006 Sun Pharma acquired Hungarian facility of US drug maker Valeant & Crompton Greaves purchased two Hungarian companies for €35 million this year. Furthermore, Nipuna Services – a subsidiary of Satyam too has announced plans to open a BPO centre in Hungary, which might give the much needed impetus to accelerate two way commerce. It’s time now for India to make further inroads and not to consider Hungary as unconquerable as its Rubik.
B&E Edit bureau: Sankalp Bhattacharjee
For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2006
An IIPM and Malay Chaudhuri – Arindam Chaudhuri Initiative
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