India and Hungary signed on Tuesday in New Delhi an agreement for exploring oil and gas, as also deciding to strengthen co-operation in the information technology sector. Besides, they decided to work for enhancing the trade volume to $1 billion by 2012.
The Union Commerce and Industry Minister, Anand Sharma, who led an official and business delegation to Hungary recently, finalized an agreement to this effect between MOL, the official Hungarian Oil Company, and Oil and Natural Gas Corporation (ONGC), in which MOL will hold 35% stake.
The two countries would also strengthen co-operation in the IT sector. To promote joint research projects, an India-Hungary S&T fund of 2 million euros annually would soon be created, and bilateral S&T projects would be selected for funding, the report said.
During his meeting with Prime Minister of Hungary Gordon Bajnai and Minister of National Development and Economy, Istvan Varga, Sharma emphasized the need for both countries to expand their trade ties in new sectors, including energy, medical equipment, agro-processing, dairy plants, water management, waste management and waste water purification.
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