Hungary ‘will invest in Saudi Vision 2030’

Saudi Vision 2030 is a golden opportunity for businesses in Hungary looking to expand their horizons, the country’s foreign minister told Arab News on Wednesday.

Péter Szijjártó was speaking after what he described as fruitful meetings with Saudi Foreign Minister Prince Faisal bin Farhan and Investment Minister Khalid Al-Falih.

“We understand that in the framework of Vision 2030, huge investments and infrastructural developments will be implemented in areas where the Hungarian economy and Hungarian companies are really strong,” Szijjártó said.

These include water management, agriculture, food processing, electronics and housing, he said.

“We will help our Hungarian companies to be able to appear in your market and get some market share.”

Szijjártó said projects would be partially funded through a $700 million credit line established at Hungary Exim, the state-owned export credit agency, which will exclusively serve business-tobusiness cooperation between the two countries.

After his ministerial meetings in Riyadh, Szijjártó said they would hold the next session of the Joint Economic Commission, with highranking partners, in Budapest in December.

“We agreed to revitalize the Hungarian/Saudi Business Council and we agreed that we finalized the text of the agreement on mutually productive investments very soon, in December.”

This package would provide “the financial, the political and the legal reassurance for Hungarian companies to invest and participate here in Saudi Arabia, in the market generally, and in the framework of Vision 2030,” he said.