Saudi Arabia and Hungary Strengthen Economic Ties
Deputy Minister and State Secretary of the Ministry of Defense of Hungary, Tamas Vargha, predicts continued growth in economic relations between Saudi Arabia and Hungary in the coming years.
Vargha expressed his confidence in the success of Saudi Arabia’s Vision 2030 and highlighted the significant changes and growth that have taken place since its implementation.
The transformation under Vision 2030 creates opportunities for collaboration in various sectors such as tourism, trade, and knowledge transfer.
Hungary currently ranks Saudi Arabia as its 53rd-largest trading partner, with immense potential for future expansion.
A partnership between Saudi Arabia’s Rakaa Security and Military Supplies Co. and Hungary’s Quadron Cybersecurity Services will drive advancements in security and defense industry digitization. (X/HungaryinKSA)
Vargha emphasized Hungary’s desire to contribute to Saudi Arabia’s success and highlighted the positive trajectory of economic relations over the past five years.
He also mentioned the increase in tourism between the two countries, facilitated by direct flights between Riyadh and Budapest.
HIGHLIGHTS
• Saudi Arabia ranks as Hungary’s 53rd-largest trading partner in 2023, with promising growth prospects.
• Recent agreement signed between the two nations to enhance cybersecurity and defense digitization.
During his visit, Vargha celebrated the cybersecurity and defense digitalization agreement signed between Saudi Arabia and Hungary.
He commended Balazs Selmeci, Hungary’s ambassador to Saudi Arabia, for his active involvement in establishing the joint venture.
The collaboration between Rakaa Security and Military Supplies Co. of Saudi Arabia and Quadron Cybersecurity Services of Hungary will drive advancements in security and defense industry digitization.
Vargha highlighted the significant growth in relations between Saudi Arabia and Hungary amidst regional conflicts and challenges.
He noted the establishment of the first Saudi-Hungarian Joint Economic Committee in 2012, which has strengthened bilateral cooperation.
The committee recently convened its fourth session with participation from over 30 companies on each side, focusing on cooperation in various sectors.
Hungary views the committee as part of its “Eastern Opening” strategy, aiming to bolster ties with Middle Eastern nations.
Vargha emphasized Hungary’s role as a bridge between the East and the West through its engagement with the Middle East and Eastern countries.