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Hungary–Malaysia relations

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Hungary–Malaysia relations

Hungary–Malaysia relations are foreign relations between Hungary and Malaysia. Hungary is in the process of re-opening its embassy in Kuala Lumpur, while Malaysia has an embassy in Budapest.

Contents

History

Diplomatic relations between the two countries have been established since 1969, with the Malaysian embassy established in 1993. Despite the Hungarian embassy being closed in 2009 due to an economic crisis, the relations still remain via the Hungarian embassy in Indonesia. In 2015, the Hungarian embassy will re-open.

Economic relations

Both countries are in the process of enhancing their bilateral and economic relations. In 2012, Hungary stands at the 31st source of imports for Malaysia. In 1993, both Hungary and Malaysia signed a document for the promotion and protection of investments in Kuala Lumpur, the agreement to avoid double taxation and prevention of fiscal evasion with respect to taxes on income also coming into effect on the same year. Before the economic crisis, the total bilateral trade amounted to U$730 million and dropped substantially to U$400–450 million during the economic crisis. Continuous efforts have been undertaken to reach pre-crisis levels and in 2011, it has increased to U$570 million. The Hungarian subsidiary of Sony Corp. also moved their manufacturing plants to Malaysia.

References

Hungary–Malaysia relations Wikipedia


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