Hungarian-Saudi trade and tourism relations are becoming closer

The statement highlighted that the Kingdom of Saudi Arabia’s “Vision 2030” economic development strategy is currently the largest investment program in the history of the Middle Eastern country, and the international opening of the Saudi economy to foreign players is underway, therefore the participants of the Hungarian-Saudi Business Forum are working to ensure that Hungarian companies play a more significant role in this conscious, dynamic transformation.

The chamber recalled in its statement that when the Hungarian-Saudi Business Council was re-established in January, the leaders of the body set the first goal of initiating cooperation between the chambers of commerce of the two countries.

By organizing the Hungarian-Saudi Business Forum, the Hungarian-Saudi Business Council aims to give impetus to the development of business relations between entrepreneurs of the two countries.

According to the information, at the forum, H.E. Hassan Al-Huwaizi, President of the Federation of Saudi Chambers of Commerce, emphasized that there are orders of magnitude more opportunities in the current trade-based business relations if the focus is shifted to cooperation based on knowledge and technology transfer as a longer-term goal. The current spectrum should also be broadened in terms of economic sectors, and in addition to food and machinery trade, it is worth focusing on tourism, energy, smart technologies, fintech solutions and water management to find cooperation opportunities.

The host of the event, Péter Kárpáti, Hungarian co-chairman of the business council, said that in addition to the more than 100 Hungarian enterprises participating in the event, the MKIK Foreign Trade Committee is ready to provide full professional support to companies interested in the region through the Hungarian-Saudi Business Council to exploit the business opportunities available in the Saudi market.