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Hungary, Oman discuss tax, oil cooperation

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Hungary’s Minister for National Economy Mihály Varga and Mohammed bin Hamad Al Rumhy, Omanʼs oil and gas minister, agreed that the swift conclusion of an intergovernmental agreement on avoiding double taxation is indispensable to help further bilateral economic cooperation, Hungarian news agency MTI reported on Friday.

Oman on the map. (Photo: Wikimedia Commons)

After talks between the two ministers Thursday, Varga said an economic cooperation agreement should be signed during the fall at the latest and would take effect from January 1.  

Varga added that Hungary is seeking to boost investments in Oman, which is considered by the government as a bridgehead to further opportunities in India and Africa, according to MTI. The minister believes that Hungary could serve as a gateway for Omani companies seeking opportunities in the European Union.

The Hungarian minister pointed to continued successful cooperation in the oil industry, adding that the Hungarian government is offering its full support for domestic oil and gas company MOL in entering into a strategic partnership with Omanʼs national oil company Oman Oil, MTI reported. MOL has already carried out several exploration and extraction projects in Oman, and its experts have regularly contributed to developing Omanʼs oil industry, the minister recalled.

Trade with Oman has grown rapidly, with Hungarian exports increasing by an annual 72% in the first five months of 2016, according to MTI. Hungaryʼs imports from Oman grew by an annual 35% during the period, with bilateral trade in goods increasing by almost 52% to $15.86 mln, Varga’s ministry said.

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