New Saudi economic strategy offers opportunities for Hungarian companies, says FM Szijjártó in Riyadh

Hungary and Saudi Arabia had similar views on the importance of border protection

Photo: MTI

The new economic strategy of the Kingdom of Saudi Arabia offers excellent opportunities for Hungarian companies in areas where they traditionally perform well, Foreign Minister Péter Szijjártó said in Riyadh on Wednesday, after talks with Faisal bin Farhan Al Saud, his Saudi counterpart.

The first results are already clear to see, Szijjártó said. The Hungarian government works to create opportunities for as many Hungarian companies as possible on the Saudi market, Szijjártó said.

In view of changes in world economy and the increasing role of alternative, sustainable energy resources, oil-rich Saudi Arabia has launched a “grandiose” scheme to bolster its economic performance independently from oil, he said.

Szijjártó cited

the import of Hungarian water management technology as an example of potential investments.

An investment protection agreement has been finalised and the Hungarian Eximbank has opened a 700 million dollar credit line for Hungarian companies in the region, he said.

Szijjártó said that Hungary and Saudi Arabia had similar views on the importance of border protection, on eliminating the root causes of migration, the fight against people smuggling and against religious extremism and radicalism.

The two countries will continue to support each other in international organisations in issues regarding illegal migration, he said.

Szijjártó also met Trade Minister Majid bin Abdullah Al Qasabi, Transport Minister Saleh bin Nasser Al-Jasser, Investment Minister Khalid A. Al-Falih, and Abdulrahman Al-Fadhli, the minister for environment, water and agriculture.