Budapest (Hungary), Feb 4(ANI): India and Hungary have signed an agreement on social security facilitating short-term employment to strengthen ties between the two countries.
The agreement was signed by visiting Indian Commerce and Industry Minister Anand Sharma and Hungarian Prime Minister Gordon Bajnai during their bilateral meeting on Wednesday evening.
Under the new agreement, Indian IT professionals and other professionals undertaking short-term employment in Hungary would now be able to make contributions to the social security net and the same would be reimbursed to them after they finish their employment in Hungary.
Earlier, Indian short-term employment professionals contributed to the social security net but could not get their money back after fulfilling their employment tenure.
If the IT professionals decide to migrate to another country, the social security agreement would ensure that his entire contribution is transferred to that country and his place of employment.
Both sides discussed about the huge potential in auto components manufacturing and need for cooperation between the two countries in this area.
They also decided to activate the "Strategic Fund" that has been established for the purpose of cooperation and joint ventures in science and technology.
The corpus of the fund is two million euros with fifty per cent contribution from each country.
Sharma and the Hungarian Prime Minister also expressed the desire to establish a very sound network of science and technology between the two countries by utilization of this fund.
Bajnai also expressed the desire of his country to be part of the new strategic focus of India on nuclear energy and expressed its desire to enter into a civil nuclear deal with India.
Hungary had supported India in the run up to the Indo-Nuclear deal and had supported its cause in the Nuclear Suppliers Group.
Bajnai offered to collaborate with India in the field of nuclear energy, bio-fuels non-conventional energy including wind energy and also in fossil fuel exploration.
However, Sharma stated that India supported the cooperation in bio-fuels provided there is no diversion of foodgrains for this purpose. (ANI)