Hungary to expand business and technology links with Kuwait

By Rabih Kallas
Special to The Times Kuwait

Kuwait’s Foreign Minister Abdullah Al-Yahya and Hungary’s Foreign and Commercial Affairs Minister Péter Szijjártó, who visited Kuwait last week, signed several cooperation agreements aimed at enhancing trade and technology links between the two countries.

During the bilateral meeting held at the Ministry of Foreign Affairs on 5 September, the two sides discussed the strong relations between the two friendly nations and explored ways to enhance ties in various sectors. They also addressed current regional and international developments.

Following the meeting, Kuwait and Hungary signed several accords and memoranda, reflecting their commitment to strengthening mutual cooperation in vital areas. Among the memorandum signed on the occasion was one that focused on cybersecurity cooperation, while another outlined an executive program for cultural cooperation covering the years 2024 to 2027. Additionally, an agreement on further cooperation in diplomatic fields was signed between the Saud Al-Nasser Al-Sabah Diplomatic Institute in Kuwait and the Hungarian Diplomatic Academy.

In a media interview on the sidelines of his visit to Kuwait, Minister Szijjártó highlighted his dual role as Hungary’s Foreign Minister and representative of the EU’s rotating presidency. He emphasized the EU’s goal to strengthen ties with the Gulf Cooperation Council (GCC) states, particularly ahead of their upcoming summit in Brussels.

He also underlined the EU’s interest in closer collaboration with the GCC to boost economic growth and proposed resuming talks on an EU/GCC free-trade agreement and visa-free regime. He also mentioned plans to deepen bilateral relations between Hungary and Kuwait, with a joint economic commission and business forum scheduled for October in Budapest.

The visiting Hungarian minister also emphasized the shared values of sovereignty and freedom between Hungary and Kuwait, and underscored the importance of enhancing economic ties. He noted that among initiatives aimed at enhancing trade ties were promoting Kuwaiti investments in Hungary, collaboration on technology between oil companies, and potential Hungarian food industry exports to Kuwait. Additionally, a Hungarian security printing company may print Kuwaiti driver’s licenses, and a leading Hungarian cyber security firm will start operations in Kuwait next year.

He also pointed to his country’s unique stability in a rapidly changing European political landscape. While many European governments face frequent changes, Hungary’s government has been in power for 15 years, fostering a steady and growing economy.

With significant job creation, a strong export sector, and leading positions in electric battery production, Hungary offers attractive investment opportunities. The stable political environment ensures that promises made to investors are more likely to be fulfilled, making Hungary a reliable choice for investment in Europe.

Minister Szijjártó reflected on 60 years of diplomatic relations between Hungary and Kuwait, noting a deep sympathy due to shared histories of struggle for freedom. He emphasized the importance of translating this goodwill into practical outcomes, highlighting the upcoming joint economic commission and business forum as key milestones. Hungary is eager to support its companies in entering the Kuwaiti market, added the minister.

Hungary’s foreign minister also underlined the importance of direct flights, noting that they elevate relations significantly. He revealed that negotiations with both private and state-owned airline companies are underway, with private companies showing more interest. He added that a notable point in this regard was that the Hungarian government had recently repurchased Budapest’s international airport.