Hungary and Bahrain Strengthen Ties Through Cooperation on the Fields of Industry and Economy
September 5, 2024
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Manama, Bahrain.
Foreign Minister Péter Szijjártó visited Bahrain this week, highlighting a shared commitment to global peace amid ongoing conflicts in Europe and the Middle East. During his trip, Mr. Szijjártó met with his Bahraini counterpart Abdullatif bin Rashid Al Zayani to discuss deepening bilateral relations and cooperation.
The politicians addressed several key areas of collaboration. They emphasized the importance of pursuing peace through dialogue rather than military action, with Péter Szijjártó stating, “we agreed that there is no solution on the battlefield… Arms transfers will only aggravate the situation.” The statements also focused on combating terrorism and improving stability in the region.
Economic partnerships were a major topic, including agreements for Hungarian companies to invest in Bahrain.
Minister Szijjártó noted, “Hungary’s Festipay is investing heavily in Bahrain, including providing cashless payment services at the local Formula 1 race.” This investment, supported by EUR 1M from the Hungarian government, aims to enhance payment systems and set a benchmark for future events. Additionally, negotiations are nearing completion for MOL (Hungarian multinational oil company) to engage in environmentally friendly oil extraction and potentially build a rubber bitumen plant in Bahrain.
The Hungarian Foreign Minister urged closer EU-Gulf Cooperation, advocating for resumed free trade talks and visa agreements.
He expressed hope that the upcoming EU-GCC summit would amplify the pro-peace voices of Arab nations.
The strengthened ties between Hungary and Bahrain mark a significant step in fostering deeper bilateral relations and economic collaboration.
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