Khalid Najibi, First Deputy of the Chairman of the Bahrain Chamber of Commerce and Industry (BCCI), highlighted the high potential of investment opportunities for the Bahraini private sector and its Hungarian counterpart, as well as opportunities for Hungarian companies to invest in Bahrain’s renewable energy and technology sectors.
Speaking at the Bahraini-Hungarian Business Forum held virtually, Najibi said the forum aimed to strengthen Bahrain-Hungary bilateral relations and expand trade and investment.
He highlighted the BCCI’s role in partnering with the government to enhance cooperation between the kingdom and its commercial partners and increase activities in import and export.
Najibi affirmed that the private sector is keen to pave the way for further economic and trade cooperation between Bahrain and Hungary.
The forum was attended by more than 50 companies specialised in information technology, developing smart cities, green energy, pharmaceuticals, electronic industries, water management technologies, and food industries.
He highlighted the potential for investment in infrastructure, which would create more qualitative opportunities for citizens, support the national economy, and enhance economic integration.
He also emphasised the need for new investments in various sectors, including major development projects.
Gabor Jenei, the CEO of Hungarian Export Promotion Agency (HEPA), said that Hungary’s exports to Bahrain reached $15 million and Bahrain’s exports to Hungary at $8 m.
He highlighted promising areas of cooperation and called for the business community to benefit from them.
Dr. János Koka, former Hungarian Minister of Economy, emphasised the significance of strengthening economic ties with Bahrain’s private sector and leveraging investment opportunities to achieve strategic goals.
Sawsan Abu Al Hassan, the board of directors of the Bahrain Chamber of BCCI spoke on the information technology and telecommunications and the digital economy sector in Bahrain. They highlighted procedures for establishing companies in Bahrain, supporting entities, and opportunities and trends in those sectors.
Bahrain is a gateway to the $1.67 trillion Gulf Cooperation Council (GCC), a market with 54 million consumers, and is located 47 minutes from Saudi Arabia, the largest market in the Gulf region and the world’s largest oil producer, she said.
Dr. László Parragh, the President of the Hungarian Chamber of Commerce and Industry, and Najibi held a meeting to discuss cooperation opportunities between the two countries.
They emphasised the need to boost economic cooperation, particularly in industrial and commercial sectors.
Dr. Parragh stated that 80% of Hungarian exports are exported to Europe, with only 20% going to the Middle East.
He underlined that Hungry aims to expand into the Middle East and North Africa through Bahrain, particularly in sectors like information technology, smart city development, green energy, electronic industries, and creative industries.