Gulf countries offer opportunities for Hungarian tech-focused companies

Hungarian technology-focused companies can greatly benefit from the opportunities offered by the Gulf countries, and the Hungarian government fully supports investment in the region, said Foreign Minister Péter Szijjártó Recount a joint press conference with his Omani counterpart, Sayyid Badr Albusaidi, in Muscat.

Szijjártó said at the press conference that international investment was key to the success of the Hungarian economy, the Foreign Ministry said.

The strategic cooperation between Hungarian oil and gas company MOL and Oman’s oil major is the backbone of the Hungarian-Omani partnership, Szijjártó said. Other companies plan to cooperate to create a sustainable energy sector in the country, he said.

The delegation led by Szijjártó included representatives of 24 Hungarian companies. One company has already secured a deal to build a solar power park worth 10 million euros, he said.

Oman and Hungary also signed an investment protection agreement earlier on Wednesday, and Hungary’s Eximbank opened a $56 million line of credit to support joint ventures, he said.

Szijjártó also called for closer cooperation between the Gulf States and the European Union. Hungary supports abolishing visas for travelers to the EU, “because we see no risk, only potential advantages and benefits in doing so”, he said.

Albusaidi praised the cooperation between Hungary and the Sultanate, and said it was a “good basis for expanding ties”. During the talks, they identified several areas for future cooperation such as air travel and “shared challenges”, he said.

Featured photo via Péter Szijjártó’s Facebook page

Laura T. Thrasher