In a significant meeting held today in Budapest, Hungary, Hassan Al-Huwaizi, the President of the Saudi Chambers Federation, engaged in discussions with Richard Szabados, the Deputy Minister of Economy of Hungary, to explore collaborative opportunities in entrepreneurship, the empowerment of small and medium-sized enterprises (SMEs), and the transfer and localization of technology. This meeting was attended by the Saudi Ambassador to Hungary, Majid Al-Abdan, along with members of the Saudi-Hungarian Business Council.
During the visit, the Saudi business delegation also met with Elís Boglárka, the Deputy Minister of Foreign Affairs for Bilateral Relations in Hungary, and key officials from Hungary’s Investment Agency. Together, they examined strategies for enhancing economic and trade relations between the two nations, as well as the potential activation of the Saudi-Hungarian Business Council’s role as a facilitator for trade and investment cooperation between the private sectors of both countries. The discussions also included an outline of investment opportunities and highlighted the Kingdom’s initiatives to host international events, emphasizing its pivotal role on both regional and global stages.
On the second day of the delegation’s visit, the Saudi-Hungarian Business Forum took place, featuring participation from 130 companies. Key attendees included Walid Al-Areenan, Secretary-General of the Federation, and Engineer Marwan Al-Muqbil, Chairman of the Joint Business Council. The forum provided a platform to showcase investment and partnership opportunities across various sectors, including energy, water, agriculture, tourism, and technology. It also underscored the supportive initiatives from governmental bodies in both nations.
Significantly, two commercial agreements were signed during the forum. The first was between GCC Capital Partners and SEYU Solutions Ltd., aimed at introducing innovative technologies and solutions to the Gulf markets. The second agreement was between Nabtati Food & Agr. Co. and Silvanus Forestry Ltd., partnering in tree-planting initiatives as part of the Green Saudi Initiative.
The overarching goal of this delegation, which will continue until tomorrow, is to promote investment opportunities in both Saudi Arabia and Hungary while bolstering non-oil exports from Saudi Arabia into European markets via Hungary. This initiative aligns with the Federation’s ongoing international outreach, which has thus far included visits to 14 different countries, aimed at opening new markets and amplifying trade and investment exchanges between Saudi Arabia and the global community.
The discussions and agreements formed during this visit exemplify the strengthening relationship between Saudi Arabia and Hungary. As both nations seek to expand their economic engagements and pursue diverse paths for collaboration, these initiatives serve as a testament to their commitment toward establishing viable platforms for future partnerships. The commitment to enhance bilateral trade, promote innovative solutions, and support sustainable development demonstrates both countries’ forward-thinking approach in facing contemporary global economic challenges.
In conclusion, the visit is poised to bring about fruitful outcomes, not only by paving the way for increased investment but also by forging stronger ties between the private sectors of Saudi Arabia and Hungary. With a robust framework for cooperation, both nations are well-equipped to capitalize on the transformational opportunities that lie ahead.
