Political Relations
Diplomatic relations between Nepal and Hungary were established on 15 January 1961. Nepalese Embassy in Germany is concurrently accredited to Hungary and residential Embassy of Hungary in New Delhi is concurrently accredited to Nepal. Hungary has opened its Honorary Consulate in Kathmandu. The relations between the two countries have always been marked by goodwill, trust and mutual respect.
Exchange of Visits
Late King Mahendra paid an unofficial visit to Hungary in 1967. Late King Birendra visited Hungary in 1968. Dr. Prakash Sharan Mahat, Minister for Foreign Affairs and Mr Peter Szijjarto, Minister of Foreign Affairs and Trade of Hungary had a meeting on 28 February 2017. Since then no major visits have taken place between the two countries in recent years.
Cooperation
With the accession of Hungary to the European Union in 2004, the prospect of cooperative relations between Nepal and the EU is expected to receive added impetus through economic and trade relations with Hungary. The two sides have exchanged views the possibilities of exchanging cooperation in the fields of education, energy, infrastructure development and foreign employment.
Investment
Foreign Investment from Hungary in Nepal from the beginning till 15 July 2020 is as follows:
| Number of Projects | Total Project Costs | Total Fixed cost | Total working capital | Total amount of foreign investment | No. of employment |
| 1 | 10 | 8.9 | 1.1 | 5 | 29 |
(Rs in million)
Trade
The volume of trade at present remains at a modest level. Major export items from Nepal are apparel and accessories; works of art; textile articles and metal items. Major import items are pharmaceutical products, machinery and mechanical appliances, dying and tannins, chemical products, etc. The following is the table representing the figures of bilateral trade for the past few years:
| Year | Export | Import | Total Trade | Trade Balance |
| 2015 | 158067 | 538724 | 696791 | -380657 |
| 2016 | 686282 | 1046701 | 1732983 | -360419 |
| 2017 | 315752 | 696197 | 1011949 | -380445 |
| 2018 | 476327 | 892062 | 1368389 | -415735 |
| 2019 | 182751 | 373674 | 556425 | -190923 |
(Source: TEPC; amount in US$)
Tourism
Nepal has remained a favored place of travel for Hungarian travelers, who are interested in mountaineering and other adventures. The number at present remains low, but the potentials for promoting Nepal’s tourism market are high.