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Hungary invests USD172M in Angola

Approximate reading time: 2 minutes

At least 172 million dollars will be invested in the most varied sectors, in the near future, by companies from Hungary operating in Angolan territory.

The announcement of the investment was made this Wednesday in Luanda by the Minister of Foreign Affairs and Trade of Hungary, Péter Szjjárto, on the sideline of an audience granted to him, by the Vice-President of the Republic, Bornito de Sousa, within the framework of his 24-hour work visit to Angola.

According to the official, the money was made available by the Hungarian Exibank, through a credit line, to support investments in Angola.

Péter Szjjárto said that trade between Angola and Hungary increased 16 times without disclosing the value of the respective exchanges.

He pointed out that economic cooperation prevails in the agriculture and energy sectors.

The minister also announced that the two countries will cooperate in the defense and security sector, where Angolan military may be trained at the military academy of Budapest (Hungary), in specialties to be defined by Angola.

“Hungary is making a lot of effort to protect the border,” he said.

Péter Szjjárto said that his country will continue to cooperate in the field of education, with a 50% increase in the number of scholarships for Angolans.

Each year, Hungary awards 20 scholarships for higher education of Angolan citizens.

Agreements

However, on Wednesday, two legal instruments were signed between Angola and Hungary, in the fields of agriculture and higher education, in the latter involving the Higher Institute of International Relations “Venâncio da Silva de Moura” and the Institute of International Relations of the Ministry of Foreign Affairs of Hungary.

During his stay in Angola, the Minister of Foreign Affairs and Trade of Hungary will meet the Speaker of the National Assembly, Fernando da Piedade Dias dos Santos, with the Ministers of Energy and Water, Higher Education, Science and Technology and Innovation, among other entities.

Relations between the Republics of Angola and Hungary were formally established in April 1977 with the signing of the Agreement on Economic, Technical and Scientific Cooperation, which provided for a number of protocols and memoranda in the areas of Trade, Health, Agriculture and Culture, from 1981.

To recall that it was with the help of Hungarian economists that the Angolan government started in 1985 the economic reforms to evolve into the market economy after 10 years of planned economy.

The implementation of the program of Economic and Financial Sanitation, commonly known as SEF, had the contribution of renowned experts from Hungary, a country that now belongs to the European Union.

Source: Angop

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