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Oct 22, 2020

FM: New Saudi economic strategy offers opportunities for Hungarians

The Hungarian government works to create opportunities for as many Hungarian companies as possible on the Saudi market.

 

The foreign minister said the new economic strategy of the Kingdom of Saudi Arabia offers excellent opportunities for Hungarian companies in areas where they traditionally perform well.

Speaking in Riyadh, after talks with Faisal bin Farhan Al Saud, Péter Szijjártó said the first results are already clear to see. He said the Hungarian government works to create opportunities for as many Hungarian companies as possible on the Saudi market.

The minister said that in view of changes in the world economy and the increasing role of alternative, sustainable energy resources, oil-rich Saudi Arabia has launched a “grandiose” scheme to bolster its economic performance independently from oil. Minister Szijjártó cited the import of Hungarian water management technology as an example of potential investments.

According to MTI, an investment protection agreement has also been finalized and the Hungarian Eximbank has opened a USD 700 million credit line for Hungarian companies in the region.

The minister said that Hungary and Saudi Arabia had similar views on the importance of border protection, on eliminating the root causes of migration, the fight against people smuggling and against religious extremism and radicalism. He added that the two countries will continue to support each other in international organizations in issues regarding illegal migration.

Minister Szijjártó also met Trade Minister Majid bin Abdullah Al Qasabi, Transport Minister Saleh bin Nasser Al-Jasser, Investment Minister Khalid A. Al-Falih, and Abdulrahman Al-Fadhli, the minister for environment, water and agriculture.