“Within the framework of the Eastern Opening strategy, we must pay articular attention to Mongolia, which is currently producing the highest level of economic growth in Asia. Its economy is extremely open, and they are happy to welcome Hungarians with great affection”, he added.

“The reason for this”, he explained, “is that Hungary was the seventh country in the world to recognise Mongolia’s independence and has been maintaining diplomatic relations with Mongolia for 70 years now”. “Based on this historic relationship, Budapest has now decided to increase the funding provided to Hungarian companies to facilitate their appearance and success on the Mongolian market, which is promising excellent prospects”, he said.

According to the inter-governmental agreement, which was signed by Minister of Foreign Affairs and Trade Péter Szijjártó and Mongolian Minister of Finance Chimed Khurelbaatar, within the framework of a 57-million-dollar tied aid loan programme Hungary will be providing funding to enable Hungarian companies to construct Mongolia’s largest animal vaccine plant, which will be equipped with Hungarian technology. “This means that the vaccines required to vaccinate Mongolia’s animal stocks will be produced in this new factory”, Mr. Szijjártó declared.

“Thus, the Eastern Opening Strategy helps Hungarian enterprises to be able to invest not only at home, but also abroad, and to reinforce the further growth of the Hungarian economy by bringing the profits realised their back home”, said the Minister.

During his visit to Ulaanbaatar, Mr. Szijjártó signed a memorandum of understanding on cooperation with Minister of Finance Chimed Khurelbaatar on expanding bilateral economic relations, met with Foreign Minister Damdin Tsogtbaatar and Minister of Agriculture Chultem Ulaan, and was also received by President of the Republic Khaltmaagiin Battulga.

(Ministry of Foreign Affairs and Trade/MTI)