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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

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