The ITEC programme was extended to Hungary in 1992 when four bankers were sent to the National Institute of Bank Management. Feedback from their participation was positive and this course hasmcontinued to draw nominations. Slots have also been utilised in auditing and diplomacy. There are about 25 Indo-Hungarian Joint Ventures functioning in India, mainly in the area of pharmaceuticals and vacuum technology. In the field of telecommunications, Hungarian companies have supplied telephone microwave systems and 12 channel transmission systems for TVs.
Transport is another potential area for co-operation.
The Indian presence in Hungary is much less. REPL International of Bombay established a JV in January 1994 with a Hungarian company for production of heat-shrink cables. This JV has shown an excellent performance. Another Bombay-based company had obtained permission to establish a manufacturing joint venture in Hungary for manufacture of plastic laminated tubes but seems to have abandoned its plans. Some other JVs are under discussion including a JV for a Hotel to be managed by Oberois and another for distribution of herbal products.