RIYADH: There will be continued growth in economic ties between Saudi Arabia and Hungary over the next few years, according to the latter’s Deputy Minister and State Secretary of the Ministry of Defense Tamas Vargha.
“(Saudi Arabia’s) Vision 2030 … I think it’s a success story … it’s a good basis, for our cooperation,” Vargha told Arab News during a recent interview. “You have seen lots of changes since Vision 2030 started … both social changes and the economic changes and growth.”
Vargha said this transformation allows for further cooperation in several sectors including tourism, trade, and knowledge transfers.
Vargha said that in 2023 Saudi Arabia was Hungary’s 53rd-largest trading partner, and there was great potential for future growth.
A venture between Saudi Arabia’s Rakaa Security and Military Supplies Co. and Hungary’s Quadron Cybersecurity Services will facilitate security development and defense industry digitization. (X/HungaryinKSA)
“We are a smaller country, but we would like to be part of your success and your solution,” he added. “In terms of economic relations, I think the past five years have been a success story.”
“We would like to enhance tourism between the two countries,” he said. “Now there are direct flights between Riyadh and Budapest … So, it’s a good path.”
HIGHLIGHTS
• In 2023 Saudi Arabia was Hungary’s 53rd-largest trading partner, and there was great potential for future growth.
• An agreement was recently signed between the two nations in cybersecurity and defense digitalization.
During his visit, Vargha said an agreement was signed between the two nations in cybersecurity and defense digitalization.
Vargha praised Balazs Selmeci, Hungary’s ambassador to Saudi Arabia, who was “very active and helped a lot to establish the joint venture … we have to say a big thank you to our ambassador.”
The venture between Saudi Arabia’s Rakaa Security and Military Supplies Co. and Hungary’s Quadron Cybersecurity Services will facilitate security development and defense industry digitization.
“I think that the decade marks a huge change in the growth of our relations in times of conflicts, regional conflicts, and conflicts around us,” he said.
Vargha said cooperation between Saudi Arabia and Hungary was strengthened with the first Saudi-Hungarian Joint Economic Committee established in 2012.
“At the beginning, it was getting to know each other and finding solutions,” he said.
“Saudi Arabia is … an important state in the Middle East. And we are a part of the EU in Europe and we had to find what’s our common interest,” he said. “It’s a good, good start and a good path that we are going on.”
The committee recently hosted its fourth session with more than 30 companies on each side participating, to further cooperation in energy, education, health, investment, communications, water, agriculture, trade, tourism, sports and culture.
Hungary considers the committee a part of its “Eastern Opening,” an economic strategy aimed at strengthening relations with nations in the Middle East.
Vargha said: “We believe that if we open to the east — to the Middle East and the East — that we can and will be able to serve as a bridge between the West and the East.”
