Newly constituted Nigerian-Hungarian Chamber of Commerce has stated the need for both countries to advance their business relationships by tapping into the vast trade opportunities thereby building their trade volumes.

President of the Chamber, Spencer Onosode, said this in Lagos on Saturday, via a communiqué from the event marking the chamber’s existence.

He said the event also served as an induction ceremony for 30 corporate establishments and individuals into the chamber.

Mr Onosode noted that Hungary; a traditional country that had survived some conflicts, was also a global phenomena with many firsts in science and technology.

He charged the newly inducted members to tap into the country’s education, tourism, arts and architecture.

He added that Nigeria as the giant of the African continent was a land flowing with vast mineral resources, a thriving entrepreneurial population and a business environment that was constantly being improved on.

A former Nigerian Ambassador to Hungary and the Balkan Region: Bosnia, Serbia, Herzegovina, Modupe Irele, stressed the many benefits of Hungary doing business with a ‘virgin’ territory such as Nigeria.

She noted that the sphere of business between both countries was untapped, particularly as Hungary was just slowly getting to know the vast opportunities.

“Members need to look critically at the sustainable businesses from Hungary in medicine, pharmacy, agriculture and innovative technology that can enhance the economic output of enterprise in Nigeria”, she said.

A Hungarian Business Development Director, Izabella Abia-Okon, extolled Hungarian innovations and business opportunities.

Also, a businessman and student in Hungary, Banji Akinsola, painted a brilliant picture of both countries doing business together.

Hungary is a high-income mixed economy with a very high human development index and skilled labour force with the 16th lowest income inequality in the world.

Its economy, according to the International Monetary Fund, is the 57th largest in the world.

The country is the largest electronics producer in Central and Eastern Europe and has major industrial operations in food processing, pharmaceuticals, motor vehicles, information technology, chemicals, and others.

(NAN)