Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó has stated thatit is necessary for the Laos and Hungary to keep up the momentum of their longstanding relationship and cooperation.

In terms of trade, the minister noted that the two countries have to do their best to maintain the level of trade and economic cooperation for the long run.

In an interview with the media on Tuesday, the Hungarian Minister, who paid a working visit to Laos in response to the invitation of Minister of Foreign Affairs Saleumxay Kommasith, said that there would be 55 to 60 Hungarian companies, mainly SMEs, that would take part in the recently launched US$30-million investment program of Hungarian companies on food security and the food industry.

Part of the programme is the construction of a slaughterhouse and meet processing factory in Naxaythong, Vientiane Capital. The factory can process five cows and 50 pigs per day for an output of 200 kinds of world class quality meat products for the domestic market.

“We have to be sure that these companies will have the capacity to maintain their presence on the Lao market, and after finishing and completing the Tied Aid LoanProgramme, they will be able to maintain their market position here,” said Mr Szijjártó.

For the US$ 30 million slaughter house and food processing project, laboratories will be built, Hungarian food security technology will be delivered, and Hungarian seeds will be delivered to the Lao PDR.

The Hungarian minister said that there would be a huge investment and the food security system would be entirely built in Laos.

“This means that Laos will be competitive when it comes to the food industry in the region.  You will be able to produce food products that have had to be imported in the past,” said the minister.

An agreement was signed on Jun 7, the last day of his visit, ensuring that the Hungarian government would provide Lao students with 50 State Finalist Scholarships to Hungarian universities on an annual basis.

Source:
courtesy of KPL NEWS AGENCY

by KPL

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