Hungary–Malaysia relations
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Hungary–Malaysia relations are foreign relations between Hungary and Malaysia. Hungary is in the process of re-opening its embassy in Kuala Lumpur,[1][2] while Malaysia has an embassy in Budapest.[3]
History
Diplomatic relations between the two countries have been established since 1969,[4] with the Malaysian embassy established in 1993.[5] Despite the Hungarian embassy being closed in 2009 due to an economic crisis,[6] the relations still remain via the Hungarian embassy in Indonesia.[5] In 2015, the Hungarian embassy will re-open.[1][2]
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.[5] In 1993, both Hungary and Malaysia signed a document for the promotion and protection of investments in Kuala Lumpur,[7] 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.[8] 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.[4] Continuous efforts have been undertaken to reach pre-crisis levels and in 2011, it has increased to U$570 million.[4] The Hungarian subsidiary of Sony Corp. also moved their manufacturing plants to Malaysia.[9]
External links
References
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