Representatives of the Hungarian and Saudi Arabian chambers of industry and commerce agreed in Budapest on Tuesday to set up a Hungarian-Saudi business council. Parliamentary speaker László Kövér welcomed the decision and met the delegation from the Saudi Arabian chamber, the parliament's office told MTI in a statement. The agreement will play an important role in coordinating trade links and promoting investment projects in each other's countries, the statement added. Chief secretary of the Saudi chamber Omar Ahmed Bahlaiwa told Kover that Saudi Arabia plans to utilise Hungary's highly developed industry and seeks investment opportunities mainly in the fields of food processing, pharmaceuticals and water management. Bilateral trade between Hungary and Saudi Arabia reached $245 million in 2011. Hungarian exports accounted for $238 million of the total.