Hajj preachers provided 1.4m religious services

Success of Saudi Arabia’s Vision 2030 is “a good basis for cooperation”, says Hungarian official

RIYADH: According to Deputy Minister and State Secretary of the Ministry of Defense Tamas Vargha, economic ties between Saudi Arabia and Hungary will continue to grow in the coming years.

“(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. “Since the beginning of Vision 2030, you’ve seen a lot of change… both social change and economic change and growth.”

Vargha said this transformation allows for further collaboration across multiple sectors, including tourism, trade and knowledge transfer.

Vargha said Saudi Arabia was Hungary’s 53rd largest trading partner in 2023 and there is 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 digitalization of the defense industry. (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 last five years have been successful.”

“We would like to increase tourism between the two countries,” he said. “Now there are direct flights between Riyadh and Budapest… So it’s a good way.”

HIGHLIGHTS

• In 2023, Saudi Arabia was Hungary’s 53rd largest trading partner and there was great potential for future growth.

• An agreement on cyber security and digitalization of defense was recently signed between the two countries.

During his visit, Vargha said that an agreement on cyber security and digitization of defense was signed between the two countries.

Vargha praised Balazs Selmeci, the Hungarian ambassador to Saudi Arabia, who was “very active and very helpful in setting up the joint venture… we have to thank our ambassador very much.”

A venture between Saudi Arabia’s Rakaa Security and Military Supplies Co. and Hungary’s Quadron Cybersecurity Services will facilitate security development and digitalization of the defense industry.

“I think this decade marks a huge change in the growth of our relations in times of conflict, regional conflict and conflict around us,” he said.

Vargha said cooperation between Saudi Arabia and Hungary was strengthened by the first Saudi-Hungarian Joint Economic Committee established in 2012.

“In the beginning it was about getting to know each other and finding solutions,” he said.

“Saudi Arabia is… an important state in the Middle East. And we are part of the EU in Europe and we had to find what is our common interest,” he said. “It’s a good, good start and a good way to go.”

The committee recently held its fourth meeting, attended by more than 30 companies on each side, to deepen cooperation in energy, education, health, investment, communications, water management, agriculture, trade, tourism, sports and culture.

Hungary considers the committee part of its “Eastern Opening”, an economic strategy aimed at strengthening relations with countries in the Middle East.

Vargha said: “We believe that if we open up to the East – the Middle East and the East – we can and will be able to serve as a bridge between the West and the East.

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