Hungary–Malaysia relations

Hungary–Malaysia relations

Hungary
Malaysia

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

  1. 1 2 "Hungary to reopen its KL embassy". New Straits Times. 9 November 2011. Retrieved 13 January 2014.
  2. 1 2 Esther Landau (16 January 2015). "Hungarian Govt to re-open embassy in Malaysia". New Straits Times. Retrieved 17 January 2015.
  3. ↑ "Official Website of Embassy of Malaysia, Budapest". Ministry of Foreign Affairs, Malaysia. Retrieved 13 January 2014.
  4. 1 2 3 Sándor Laczkó (8 June 2012). "Hungary and the countries of ASEAN". Diplomacy & Trade. Retrieved 13 January 2014.
  5. 1 2 3 rkinga (4 September 2013). "Malaysia waiting to be discovered". The Budapest Times. Retrieved 13 January 2014.
  6. ↑ "Hungary to close embassy in Malaysia". The Star. 17 June 2009. Retrieved 13 January 2014.
  7. ↑ "1993 AGREEMENT BETWEEN THE REPUBLIC OF HUNGARY AND MALAYSIA FOR THE PROMOTION AND PROTECTION OF INVESTMENTS" (PDF). National University of Singapore. 19 February 1993. Retrieved 13 January 2014.
  8. ↑ "AGREEMENT BETWEEN THE GOVERNMENT OF MALAYSIA AND THE GOVERNMENT OF THE HUNGARIAN PEOPLE'S REPUBLIC FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASION WITH RESPECT TO TAXES ON INCOME" (PDF). Inland Revenue Board of Malaysia. 22 May 1989. Retrieved 13 January 2014.
  9. ↑ "Sony moving work from plant in Hungary to Malaysia". The Associated Press. ECN. 6 February 2010. Retrieved 13 January 2014.
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