Bilateral Cooperation to Promote Sustainable Development in the 21st Century: A Case Study of Hungary and Bangladesh

Abstract

The European Union (EU) has increasingly focused on democratising innovation and promoting engagement in research to address policy concerns collectively. In the 21st century, attaining sustainable development is a global priority, and governments face complex hurdles in meeting their goals. Alone, unilateral initiatives to encourage socio-economic or political progress are inadequate, needing bilateral or multilateral collaborations to bridge gaps between political and economic interests. Bilateral Investment Treaties (BITs), negotiated since the late 1950s, influence sustainable development aims and share common features despite diverse categorisations. This study, based on secondary data and grey literature, investigates how bilateral relationships shape international cooperation and sectoral priorities in the context of sustainable development goals. Focusing on Bangladesh and Hungary, the study highlights their cooperation in areas like human resource development and energy projects as key milestones towards sustainability. Leveraging a knowledge economy and strategic lessons can contribute to achieving sustainable development, which is particularly crucial in the face of natural disasters. The study’s findings have practical implications for policy guidelines to bolster the Bangladesh–Hungary bilateral relationship for advancing long-awaited sustainable development goals in the 21st century.