EU referendum: Hungary to seek India's help for businesses in the UK after Brexit

India and Hungary are expected to hold high-level talks on the effects of the UK's EU referendum, which saw the country vote to leave the European Union. The Hungarian Minister of Foreign Affairs and Trade, Peter Szijjarto, is scheduled to visit India on 4 July and is expected to seek help from the Indian government in securing Hungarians' economic opportunities in the UK post-Brexit.

Hungary and India are likely to discuss the role that Indian businesses in the UK can play in helping Hungarians get employed in economic sectors amid post-Brexit uncertainty. Szijjarto will be the first foreign minister from the EU to visit India following the Brexit vote.

A senior diplomat told the Hindu on 29 June: "Hungary hopes for understanding from India on issues like migration into Europe and industrial cooperation that are in line with the EU's plans for greater cooperation with the major emerging powers."

There are roughly 79,000 Hungarian-born people living in the UK and their future in the country remains uncertain as the UK prepares for Brexit negotiations with the EU. Apart from urging UK-based Indian companies to provide opportunities for their citizens, the Hungarian official also confirmed that they are willing to act as an alternative in Europe for Indian companies looking to leave the UK following Brexit.

Alongside crucial post-Brexit consultations, Indian and Hungarian officials are also expected to discuss the flow of refugees into Hungary. Szijjarto is likely to hold talks with his Indian counterpart, External Affairs Minister Sushma Swaraj.

Meanwhile, Hungary is not the only country to be impacted by the UK's decision to leave the EU. A report by Morgan Stanley stated on 29 June that Brexit is likely to have an adverse impact on India's growth, with domestic GDP expected to drop by as much as 60 basis points within the next two years, leading to a "high-stress scenario".