he Hungarian ambassador Istvan Szabo and his wife Emilia hosted hundreds of guests for the country`s National Day on October 23, marked this week with a stylish dinner reception in one of Islamabad`s best hotels.

In his speech, the ambassador acknowledged the importance of the private sector when holding such events. MOL Oil and Gas Pakistan has operated in Khyber Pakhtunkhua since 2004 and employs about 600 people. Hungary has invested close to one and half billion dollars in the energy sector in Pakistan.

The chief guest was Jam Kamal Khan Alyani, minister of state for petroleum and natural resources.

In his speech, he underlined the importance given to the private sector in Pakistan`s cooperation with Hungary. Hungary also offered assistance to Pakistan after floods in 2011 and the earthquake in 2005.

During the Soviet era, Hungary was part of the Eastern Block.

Today, it enjoys total independence and is a member of the European Union and other western organisations, along with its neighbours, including Romania, Bulgaria, and Slovakia.

In an EU setting, the south-eastern European countries are at a relatively modest economic level. Hungary`s economic turnaround and transition from socialism to a market economy after 1990, is impressive. It has a GDP per capita of $23,000 and an employment rate of about eight per cent.

The trade volume between Pakistan and Hungary is about $60 million annually. `There is room for growth,` says ambassador Szabo, just back from a business promotion trip to Lahore and Karachi.

`There is scope for growth in bilateral trade in fields such as agricultural and textile machinery, medical equipment design, automotive and railway equipment, and further expansion in the energy sector.`The ambassador said trade and industry are important, but the education and cultural sectors should not be overlooked. Hungary has this year given 80 scholarships to Pakistani students.

`Earlier this year, we had a large group of folk dancers and musicians visiting Pakistan. Hungary has a proud history in music.

Franz Liszt is the country`s best known composer, but Bela Bertok and Zoltan Kodaly should also be mentioned. They created masterpieces and contributed to the musical development of Germany, France and the rest of Europe in recent centuries.