The pacts came after talks between Prime Minister Dr. Manmohan Singh and his Hungarian counterpart Ferenc Gyurcsany, who is on a four-day to India. Several Indian companies have a presence in Hungary in various sectors such as pharmaceuticals, Information Technology, power and auto-components. Bilateral trade between the two countries is on a growth path. In 2006-2007 Indian exports to Hungary amounted to 142.5 million dollars, while imports were 128.3 million dollars.
Hungary, an important member of the European Union and a member of the Nuclear Suppliers Group (NSG), supports India's candidature for permanent seat in the expanded UN Security Council.