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Apr 20, 2017

Hungary and Kuwait build better relations to implement new economic program

Péter Szijjártó, minister of Foreign Affairs and Trade, said Hungarian companies now have “an exceptional opportunity” to participate in economic development projects in Kuwait

Hungary's foreign minister has made an official visit to Kuwait to build bilateral relations with the Arab nation.

Péter Szijjártó, minister of Foreign Affairs and Trade, said Hungarian companies now have “an exceptional opportunity” to participate in economic development projects in Kuwait.

The minister said a “New Kuwait” economic program would facilitate a number of major projects, adding that Hungary’s Eximbank is to provide loans totalling 510 million euros to help Hungarian firms with their Kuwait ventures. He highlighted prospects for Hungarian businesses in further developing cooperation in the areas of cyber security, water management, health care and the oil industry.

Minister Szijjártó noted that a continued expansion of cooperation in tourism helped in parts by the visa center Hungary opened in Kuwait City last year. The number of visa applications submitted there in 2016 went up by 18% compared to the previous year.

Minister Szijjártó noted Kuwait’s friendly approach to Hungary and its support for Hungarian companies because “Budapest firmly condemned Iraq when it occupied Kuwait in 1990 and because Hungary contributed to Kuwait’s reconstruction after the first Gulf War”.

Hungary and Kuwait are already firm partners, fighting together against terrorism within the same international coalition combatting the Islamic State jihadist organization, the minister said. Minister Szijjártó said that Hungary supports granting Kuwait membership in the United Nations’ Security Council in 2018/19 and, in exchange, Kuwait backs Hungary’s application for membership in various UN organisations.