Dr. Ádám Balog, Vice President, received a high-ranking Saudi delegation at the Hungarian Chamber of Commerce and Industry (HCCI)

As the first significant foreign economic achievement of the new leadership of the
Hungarian Chamber of Commerce and Industry, Hungarian-Saudi business relations
are being revitalized. Guided by the Kingdom of Saudi Arabia’s “Vision 2030”
economic development strategy — the largest investment program in the country’s
history and a gateway to opening its economy to international players is currently
underway. Participants of the Hungarian-Saudi Business Forum, held in Budapest
between May 6–8, are working to ensure that Hungarian companies play a
substantial role in this conscious and dynamic transformation.

At the re-establishment of the Hungarian-Saudi Joint Business Council in January,
the council's co-chairs, Mr. Marwan Almutlaq and Mr. Péter Kárpáti, identified the
launch of cooperation between the chambers of commerce of both countries as a top
priority. As a significant first result, a high-ranking Saudi delegation arrived in
Budapest, organized by the Hungarian-Saudi Joint Business Council. The event aims
to give new impetus to building bilateral relations and to explore opportunities for
internationally competitive Hungarian companies to participate in the full-scale
transformation of the Saudi economy seeking regional leadership.

Through organizing the Hungarian-Saudi Business Forum, the Hungarian-Saudi Joint
Business Council aims to foster the development of business ties between
entrepreneurs of the two nations. The forum's distinguished guests agreed that the
cooperation potential between the two economies far exceeds what current trade
volumes indicate.

As H.E. Hassan Al-Huwaizi, President of the Federation of Saudi Chambers,
emphasized, there is significantly more potential in the current trade-based
relationships if, in the longer term, the focus shifts toward cooperation based on
knowledge and technology transfer. In terms of economic sectors, the existing focus
should be expanded beyond food and machinery industries to explore opportunities
in tourism, energy, smart technologies, fintech solutions, and water management.

As part of the event, Ádám Balog, Vice President of HCCI, welcomed H.E. Mr. Majed
Abdulaziz M. Al Abdan, Ambassador of the Kingdom of Saudi Arabia to Hungary.
During their meeting, the ambassador confirmed that the Saudi diplomatic
representation is ready to support Hungarian businesses.

Mr. Péter Kárpáti, co-chair of the Business Council and host of the event, stated that
in addition to the more than 100 Hungarian companies participating in the event, the
HCCI Foreign Economic Committee is ready to provide comprehensive professional
support through the Hungarian-Saudi Joint Business Council to companies interested
in the region, to help them seize business opportunities in the Saudi market.

On the second day of the event, chambers provided support for strengthening newly
formed business partnerships through B2B meetings.

During the event, two cooperation agreements were signed. The parties also agreed
to organize another business meeting in Saudi Arabia later this year, with the
involvement of additional Hungarian companies. The Hungarian-Saudi Joint Business
Council has set the goal of preparing a business plan for 2025–2026, outlining the
steps to increase business volume in detail.