Orbán sees ‘beautiful’ future for financial cooperation between Hungary, Saudi Arabia

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Hungary and Saudi Arabia "stand before a beautiful future in terms of financial cooperation", Prime Minister Viktor Orbán told journalists on Wednesday, at the end of a three-day official visit to the gulf state.

Asked whether the possibility of purchases of Hungarian government bonds by Saudi Arabia had come up at talks, Orbán said "some things were agreed on" at meetings between a delegation led by National Economy Minister György Matolcsy and the Saudi national bank governor and finance minister.

Orbán said talks had been "exceptionally successful", as expected, and agreements had been reached in several areas. An investment protection agreement and an avoidance of double taxation agreement will be signed soon, he added.

Orbán said the results of economic cooperation between Hungary and Saudi Arabia could soon be seen in the health care and farm sectors.

Hungarian Chamber of Commerce and Industry (MKIK) chairman László Parragh said there was much potential for growth of trade between Hungary and Saudi Arabia, but obstacles posed by logistics, distance, the legal system and culture all had to be bridged. The Saudis showed much interest in Hungary's energy, property development, tourism and cosmetic surgery industries, he added.

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