The Hungarian-Kuwaiti Joint Economic Committee held its third session in Budapest on 11 February 2020. The Hungarian delegation was led by the Ministry of Foreign Affairs and Trade’s State Secretary for Civil intelligence Tamás Vargha, while the Kuwaiti Co-Chair of the Committee was State Secretary Saleh Ahmed al-Sawari from Kuwait’s Ministry of Finance.

During his visit to Budapest, Saleh Ahmed al-Sawari held talks with the Ministry of Finance’s State Secretary for Public Finances Péter Benő Banai. During the course of the meeting, the parties emphasised the importance of economic, trade and investment relations between their two countries, and discussed budget-related issues.

At the plenary session of the Joint Economic Committee, the Co-Chairs highlights the fact that the third session of the body could give further impetus to the development of bilateral relations. There are major growth opportunities inherent within Hungarian-Kuwaiti trade flow and economic cooperation. Last year, the trade in goods between the two countries increased to double its previous level and achieved major growth with relation to both exports and imports, and accordingly both parties have an interest in the further expansion of trade relations. At the session, the parties reviewed the most important topics relating to bilateral cooperation, and particularly cooperation between their respective chambers of commerce, and the fields of agriculture and the development of agricultural research cooperation, water management, information and communications technology, higher education and tourism.

The parties agreed on the preparation of several high-level visits to be conducted in the near future and discussed the various agreements that cod soon be concluded, amongst others within the fields of media, culture and water management.

The State of Kuwait was the first in the Persian Gulf region with which Hungary established diplomatic relations, in 1964. In the over half a century since then, diverse contractual, political and economic cooperation has developed between the two countries, in view of which Kuwait occupies a priority place within Hungary’s system of middle Eastern relations. Kuwait is one of the most rapidly developing countries in the Persian Gulf, and thanks to its geographical position may serve as a gateway towards other countries, and accordingly Hungary is showing heightened interests in establishing a market presence in Kuwait. in accordance with the Hungarian Government’s foreign trade goals, it is promoting the appearance of Hungarian enterprises in the region. Thanks to its positive economic indices and favourable position in Central Europe, Hungary is a perfect target for foreign investment on the part of Kuwaiti enterprises.

Following the plenary session, the Co-Chairs signed the minutes of the meeting of the Hungarian-Kuwaiti Joint Economic Committee, and agreed that the following, fourth session of the committee will take place in Kuwait City.