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Hungary’s Eximbank signed an agreement with Latin American development bank Bancomext of Mexico on supporting Hungarian corporate investments in Mexico, the foreign ministry said. Also, Eximbank staff will get training at the Mexican bank. Foreign Minister Péter Szijjártó said at the signing event that Hungary had launched its “opening to the south” scheme to develop closer cooperation with countries in Latin America five years ago.

Hungarian exports to Mexico reached 877 million dollars last year, so they currently dominate bilateral trade which totalled over 1 billion dollars, Szijjártó said. Budapest is determined to further increase this figure, he said, adding that more and more companies were expressing interest in Mexico and Hungary should have flagship companies, such as Richter and Graphisoft, which are followed by smaller companies, including medical equipment manufacturers, food industry companies, car industry suppliers and firms involved in water management. A Hungarian plant owned by Mexican company Nemak, which has signed a strategic cooperation agreement with the Hungarian government, supplies almost all large car makers around the world, he added.

The Hungarian government has opened a 620 million dollar credit line to help the activities of Hungarian companies in Mexico and finance Hungarian-Mexican intercompany cooperation through Eximbank, Szijjártó said. “I believe the next step in advancing Hungarian-Mexican economic relations would be to go beyond trading with each other, and in addition to us selling products here and you investing in our country, Hungarian companies would start investing here,” he said.