Importing demo template

Hi,
I am trying to import a demo template but it is taking an extremely long tim to conclude. I ma getting the measure:
Maximum Execution Time (max_execution_time) : 30 seconds. Recommended max_execution_time should be at least 400 Seconds.
Maximum Input Time (max_input_time) : 60 seconds. max_input_time should be at least 300 Seconds.
WordPress Memory Limit (WP_MEMORY_LIMIT) : 40M memory limit should be at least 64MB. Please refer to : Increasing memory allocated to PHP for more information

Please advise on the above and how long an import should take.

Thanks,

Blair