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The Hungarian Chamber of Commerce and Industry (MKIK) aims to involve Hungarian companies in the dynamic transformation of the Saudi economy, the government body told MTI on Wednesday in connection with the Hungarian-Saudi Business Forum to be held in Budapest from May 6-8.
The statement highlighted that the Kingdom of Saudi Arabia’s “Vision 2030” is currently the largest investment program in the history of the Middle Eastern country, and the Saudi economy is opening its doors to foreign players, so the participants of the Hungarian-Saudi Business Forum are working to ensure that Hungarian companies play a significant role in this dynamic transformation.
In its statement, the chamber noted that when the Hungarian-Saudi Business Council was reestablished in January, its leaders identified the launch of cooperation between the two countries’ chambers of commerce as their first priority.
By hosting the Hungarian-Saudi Business Forum, the Council seeks to strengthen and accelerate business relations between entrepreneurs from both countries.
H.E. Hassan Al-Huwaizi, President of the Council of Saudi Chambers of Commerce, emphasized at the forum that there is significantly more potential in the current trade-based business relations if the focus is shifted to cooperation based on knowledge and technology transfer as a longer-term goal. The current spectrum of economic sectors also needs to be broadened, and cooperation opportunities should be sought beyond food and machinery trade, focusing on tourism, energy, smart technologies, fintech solutions, and water management.
Péter Kárpáti, the host of the event, stated that in addition to the more than 100 Hungarian companies participating in the event, the MKIK Foreign Trade Committee is ready to provide comprehensive professional support to companies interested in the region through the Hungarian-Saudi Business Council to help them exploit business opportunities available in the Saudi market,
according to the chamber’s announcement.
On the second day of the event, the chambers will provide support through B2B meetings to strengthen newly established business partnerships.
The parties have agreed to hold another business meeting in Saudi Arabia later this year, with the involvement of additional Hungarian companies. The Hungarian-Saudi Business Council has set itself the goal of drawing up a business plan for the 2025-2026 period, outlining strategies to boost business activity, according to the MKIK.
Via MTI; Featured photo: The Hungarian Chamber of Commerce and Industry