Hungary–Indonesia relations

Hungary–Indonesia relations

Hungary
Indonesia

Hungary–Indonesia relations was officially established in 1955. Hungarian Embassy was opened in Jakarta in 1957.[1] In line to Hungarian "Eastern Opening" policy,[2] and due to Indonesian political weight and market potentials, Hungary considered Indonesia as one of the most influential state in ASEAN. While Indonesia sees Hungary as a potential market and a strategic entrance to penetrate Central and Eastern European markets.[3] Hungary has an embassy in Jakarta and honorary consuls in Bandung and Denpasar. While Indonesia has an embassy in Budapest.

High level visit

In September 2002, Indonesian President Megawati Soekarnoputri visited Hungary. While Hungarian Prime Minister Ferenc Gyurcsány paid a state visit to Indonesia in July 2005.[1] In 6–7 March 2013, Indonesian President Susilo Bambang Yudhoyono paid a state visit to Hungary.[3]

Trade and investment

The Hungarian–Indonesian Joint Commission on Bilateral Economic Cooperation (JCEC) was established in 1988. Since then, the bilateral trade volume was fluctuated over the years. The bilateral trade grew from US$37 million in 1993 to US$216 million in 2003. However it was declining in 2004 by US$126.3 million, US$124.8 million in 2005, US$101.9 million in 2006, and US$114.9 million in 2007.[4] In 2010, the bilateral trade volume reached US$220.83 million, and it rose to US$438.34 million in 2011. However, the economic slowdown that hit Europe caused the trade to slump into US$183.5 million for the period of January - October 2012. Currently Hungary is Indonesia's 4th biggest trading partners in Eastern and Central Europe.[3]

Indonesian export to Hungary includes rubber and its products, textile, footwear, palm oil, spices, leather, rattan, plastics and handicrafts. While Hungarian export to Indonesia are pharmaceuticals, chemicals, electric, electronic and optical products, power engineering equipments and machinery.[4]

Hungary's investment in Indonesia was valued US$400 thousands in the period between 1999-2009, and today increased into US$590 thousands, in five projects.[3]

Cooperation

Other than trade and investment, the bilateral cooperation are expanded to various sectors, includes cultural exchanges and education, information, technology and engineering, as well as water management, environment and healthcare.[2]

Notes

  1. 1 2 Ferenc Gémes. "Bilateral relations between Hungary and Indonesia". Ministry of Foreign Affairs of Hungary. Retrieved May 12, 2014.
  2. 1 2 Yohanna Ririhena (March 6, 2013). "Discourse: Hungary braces for ‘Eastern Opening’ with RI". The Jakarta Post. Retrieved May 12, 2014.
  3. 1 2 3 4 "The Hungarian - Indonesian relations". Ministry of State Secretariat of Indonesia. Retrieved May 12, 2014.
  4. 1 2 "The Hungarian - Indonesian economic relations". Ministry of Foreign Affairs of Hungary. Retrieved May 12, 2014.

External links

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