NEW DELHI: Hungary today supported India's bid for a permanent seat in the United Nations Security Council and said it was "more than legitimate" and will be good for global peace. Prime Minister of Hungary Dr Viktor Orban , who called upon President Pranab Mukherjee today at Rashtrapati Bhavan here, said, "India's quest for permanent membership of the UN Security Council was more than legitimate and India's membership will be good for global peace and cooperation."Welcoming Orban, the President said India gives great importance to its relations with Hungary and our cultural relations far predate diplomatic relations.Mukherjee, while citing USD 1.5 billion Indian investments in Hungary, said both the countries must expand in areas including bio-tech, agriculture and water resource management.The President said regular and frequent exchanges of bilateral visits in the last few years have enabled India and Hungary to enhance bilateral co-operation."It is satisfying to know that Indian investments in Hungary are in the range of USD 1.5 billion employing over 8,000 Hungarians and are spread over a number of sectors," he said.Bilateral trade has increased from USD 398 million in 2007 to an impressive USD 840 million in 2011, he said during a meeting with Dr Viktor Orban, Prime Minister of Hungary at Rashtrapati Bhavan here."However, this is far below our true potential. There is considerable scope for expansion to new areas such as bio-tech, clean energy, agriculture and water resource management," the President said.He also expressed happiness over the large business delegation visiting India with the Hungarian Prime Minister and said he has no doubt that their interactions with Indian counterparts will enable both sides explore new avenues to further strengthen economic relations.He pointed out that Sanskrit was formally included as a regular subject of study in ELTE University in 1873.He also thanked the Hungarian Government for preserving the rooms where Rabindra Nath Tagore stayed while undergoing medical treatment and for establishing a beautiful Tagore Esplanade in the town of Balatonfured . MORE PTI AKV SHS 10171820 NNNNResponding to the President, the Hungarian Prime Minister said there has always been great appreciation in Hungary of India which represents a high culture of civilisation.He said there exists good prospects for greater cooperation, not just with Hungary but the whole of central Europe which is a big area which can help India play a bigger role in Europe.