Hungary to expand economic cooperation with Saudi Arabia

World

Hungary and Saudi Arabia agreed to expand economic cooperation in several areas, today (May 23). The agreement allows SMEs a bigger role in bilateral trade, state secretary for foreign affairs and trade Péter Szíjjártó said after a meeting of Hungarian-Saudi Intergovernmental Committee.

The sides agreed to accelerate talks on an investment protection agreement, said Szíjjártó, who co-chairs the committee with his Saudi counterpart Youssuf bin Tarrad Al Sa'doun.

Szíjjártó said Saudi Arabia had launched development programs worth tens of billions of dollars in sectors in which Hungarian companies could make the most competitive offers. These sectors include the electric and nuclear energy, construction, water management and healthcare industries.

He noted that the state-owned Hungarian Electricity Works (MVM) was preparing to bid with El Gihaz in tenders in order to modernize the country's electric grid. Engineering company FOMTERV is also partnering up with a Saudi company to participate in the city of Riyadh's metro project, Szíjjártó added.

He expressed the willingness of Hungarian companies to participate in water management projects in Saudi Arabia worth HUF 78 billion-80 billion.

-- Christian Keszthelyi contributed to this article

ADVERTISEMENT

MET Group Launches Solar Parks in Hungary Green Energy

MET Group Launches Solar Parks in Hungary

Gov't to Launch HUF 700 bln Business Credit Scheme  Government

Gov't to Launch HUF 700 bln Business Credit Scheme 

Border Hungarians Fill up Cheaper Abroad Retail

Border Hungarians Fill up Cheaper Abroad

Avatar: The Way of Water Breaks Box Office Record in Hungary Art

Avatar: The Way of Water Breaks Box Office Record in Hungary

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.