AKIPRESS.COM - Hungarian Economy Minister Mihály Varga and Minister of Foreign Affairs and Trade Péter Szijjártó held talks with their Mongolian counterparts on Tuesday as part of the three-day official visit by Prime Minister Viktor Orbán to Mongolia, reports Budapest Business Journal.

Varga discussed Hungarian-Mongolian economic ties with Mongolian Industry Minister Dondogdorj Erdenebat and Finance Minister Bayarbaatar Bolor.

The parties agreed there is serious potential in bilateral economic ties, but the volume of trade is still significantly below its maximum capacity.

According to the Hungarian National Economy Ministry, there are good opportunities for cooperation in the fields of food industry, the automotive industry, the construction sector, in infrastructural development projects, in the renewable energy sector and the mining sector.

Following his meeting with Mongolia's Minister of Foreign Affairs Lundeg Purevsuren in Ulaanbaatar, Szijjártó said Mongolia could help the European Union develop a “pragmatic cooperation” with Russia.

Szijjártó recalled that Mongolia concluded a partnership agreement with the European Union and it was holding talks on a similar agreements with the Eurasian Economic Union and will host the Asia-Europe Summit Meeting (ASEM) in July.