Business Oman-hungary ties poised for strong growth: Szijjártó
Hungary’s Minister of External Economic Relations and Foreign Affairs, Péter Szijjártó, has hailed the formal inauguration of his country’s embassy in the Sultanate, declaring that it bodes well for an upswing in bilateral relations between the two countries.
Speaking exclusively to the Observer, the visiting dignitary said a diplomatic presence underpinned by the opening of an embassy effectively “creates a platform for better cooperation” between Oman and Hungary.
“I really do believe there is no alternative to having a physical presence, especially as our countries are geographically far apart. It was very important for us to have a presence here keeping in mind the potential of our relationship,” the official said.
Szijjártó was in the city earlier this week to attend the embassy opening, as well as for talks with a number of Omani government officials focusing on opportunities spanning trade, energy, investment, and tourism, among other areas.
Cooperation in the energy sector, encompassing hydrocarbons as well as renewables, was particularly promising, according to the Hungarian official. “We have had very strong cooperation in the oilfield industry, as Hungary’s Number 1 energy company, MOL, has a strategic partnership with Oman Oil Company (OOC). OOC is a 7 per cent shareholder in MOL. Both have been working together to support the training of oilfield engineers from Oman. MOL is also involved in oil exploration projects in Oman. So cooperation in the field of Oil & Gas is very significant.”
These long-standing ties in the hydrocarbon sector provide a “good basis” for a further diversification of the bilateral relationship, said Szijjártó. “We have Hungarian companies that are very much interested in opportunities in solar energy, cybersecurity, water management and Smart City operations — areas we understand (Oman) has big needs in order to diversify the Omani economy. These are areas in which we Hungarians have amassed a great deal of knowledge, knowhow and technology, which can be offered to countries like Oman.”
Also prospective are opportunities to build on a legacy of cooperation in the tourism sector, said Hungary’s Ministry of External Economic Relations and Foreign Affairs. “I’m delighted to inform you that the most prestigious hotel in Budapest — the Four Seasons — is owned by the SGRF (State General Reserve Fund — the sovereign wealth fund of the Sultanate of Oman). This presents an opportunity for Omanis to stay in an Omani-owned hotel when they visit Budapest.”
He further added: “In fact, Hungarians would definitely want to travel to Oman given that Hungarians adore natural beauty. Oman is uniquely blessed with mountainous, desert and seaside settings, which Hungarians tend to appreciate.”