Regarding Hungarian-Bahraini cooperation, Péter Szijjártó praised the stabilising influence of the Kingdom of Bahrain in the Gulf area. Security in the Middle East, especially in the Gulf, is tightly connected to European security, he said. “We also appreciate that Bahrain has started to mend its relations with Israel by signing the Abraham Accords,” he said.
Trade volume between the two countries grew by 40 percent to 20 million dollars last year, Szijjártó noted. Hungary’s Eximbank has opened a 56 million dollar credit line for joint ventures to facilitate Hungarian investments in Bahrain.
Hungary also supports a free trade agreement between the Gulf countries and the EU, and is hoping to conclude a Hungarian-Bahraini agreement on investment protection by March, he said. Talks are under way on
cooperation in cyber security and information technology, and the largest Hungarian company, oil and gas company MOL, is conducting talks on making Bahraini oil production more efficient,
he said. Hungary will also offer 10 grants for Bahraini students wishing to study here, he said.
Al Zayani said they had agreed to
strengthen cooperation in renewable energy, improving water quality and in health care.
He and Szijjártó discussed opportunities for cooperation in education, culture and sports, he said. They also drafted a working plan for further steps such as preparing investment support and an agreement against double taxation, he said. “Bahrain welcomes Hungarian investors,” he said.
Al Zayani and Szijjártó also signed an agreement on joint diplomatic training, he said. Szijjártó led a delegation of 48 Hungarian companies to Bahrain. The Hungarian-Bahraini economic committee held its first meeting on Thursday.
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