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Economic cooperation between Hungary and Bahrain is on the cusp of a new chapter, with Hungarian exports and investments there growing apace, Péter Szijjártó, the minister of foreign affairs and trade, said on Tuesday.

Closer ties with the Gulf region could give fresh impetus to the European Union, he said after a meeting of the Hungary-Bahrain Joint Economic Committee, adding that the government supports agreements with the region on free trade and visa exemptions.

Hungary has already has a partial visa exemption agreement with Bahrain, and talks on investment protection are also under way, Szijjártó told press conference.

The European Commission has approved the text of the investment protection agreement, which can be signed soon, the ministry quoted him as saying.

The minister referred to two important chemical industry projects headed by Hungarian oil and gas company MOL, which “have reached the finishing line in Bahrain”. The projects are about raising the efficiency of local natural gas extraction, while rubber bitumen produced by MOL will also be used during construction and infrastructure development.

Also, companies in Bahrain are increasingly making use of Hungarian IT solutions, particularly when it comes to online payment platforms, he added.

Meanwhile, he said Bahrain always promoted the cause of peace and could be counted on in the global fight against terrorism.

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Szijjártó hailed Bahrain’s signing of the Abraham Accords on normalising ties between Israel and several Arab states, adding that hopefully it would be possible to return to a path of peaceful coexistence.

In response to a question, Szijjarto said holding a Hungarian-Ukrainian summit would only make sense if it could open a new chapter in bilateral relations, adding that the two sides had “a lot of work to do” before then.