Turkey and Hungary want to boost bilateral trade by focusing not only on commerce but also on cultural interactions between the countries, said Hungary's ambassador to Turkey.

“For Turks, Hungary is a gateway to Europe. For Hungarians, Turkey is a bridge between East and West,” said Viktor Matis during an online seminar Thursday.

Saying that bilateral development started accelerating in 2013 when a Strategic Cooperation Council was established, he said the bilateral trade volume target was set at $6 billion.

He noted: "A few years ago Turkey said it would be among the world's 10 largest economies and there’s no question this will happen or not. The only question is when. We think this will happen in a short time."

Turkey's investment in Hungary over $2.4B

Adnan Polat, head of the Turkey-Hungary Business Council, said in the light of their shared history the countries want to develop trade relations.

Stressing the country’s geopolitical importance, Polat said Hungary is right in the center of Europe, a one-and-a-half-hour flight from Turkey’s commercial capital Istanbul.

Additionally, he added, the country provides lucrative incentives for investment.

"It has the lowest corporate tax in Europe. Hungarian Eximbank also supports investors," he noted.

“The trade volume between two countries was around $1.6 billion five years ago and before the pandemic, we had increased it to $3.6 billion,” he explained.

"Five years ago, Turkish investment in Hungary didn’t reach €100 million [$118 million], now it’s over €2 billion [$2.4 billion]," he added.