Therefore any event that increases Hungary’s visibility in the area of foreign trade contributes to its economic growth, Szijjártó said, adding that Hungary supports free trade.

The digital revolution, as a new phase of the global economy, carries greater significance than the industrial one, he said in his address, adding that all countries must embrace the new “economicindustrial- trading age” to be successful. Hungary has “put its foreign policy in the service of its foreign economic objectives” as well as crafting a digital trading platform for businesses and private individuals dubbed Digital Hungary.

Szijjártó held bilateral talks on the sidelines with Sri Lanka’s prime minister, foreign minister and trade minister, as well as with the deputy head of the Asian Infrastructure and Investment Bank (AIIB).

He noted bilateral cooperation in water management and near completion of two hydroelectric power plants in Sri Lanka overseen by a Hungarian contractor.

Water management will continue to be a key area of bilateral economic cooperation, the minister said, adding that Hungary’s Eximbank will open a 68.8 million dollar credit line for exporting Hungarian water management technologies to Sri Lanka.

Szijjártó said it was agreed that Sri Lanka would back Hungary’s candidacy for membership in the UN Human Rights Council in 2017- 2019.

Republished with permission of Hungary Matters, MTI’s daily newsletter.

MTI photo: Szabó Árpád