Bahrain and Hungary strengthens bilateral economic ties

By Arya M Nair, Official Reporter
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Bahrain and Hungary have discussed strengthening bilateral cooperation, following a meeting of the Bahrain-Hungary Joint Economic Commission.

The conference was attended by Bahrain’s Foreign Minister Dr. Abdullatif bin Rashid Al Zayani and Hungarian Minister of Foreign Affairs and Trade Mr. Péter Szijjártó.

This reflects the close friendly relations between Bahrain and Hungary and the common desire to strengthen and develop these relations. Dr. Al Zayani noted that the high-level visit of His Majesty King Hamad bin Isa Al Khalifa, to Hungary in 2019, has bolstered strategic partnership, and achieved constructive outcomes in bilateral cooperation.

This first meeting of the Bahrain-Hungary Joint Economic Commission came as an activation of the Memorandum of Understanding (MoU) in the field of economic and technical cooperation between the two countries and it is expected to bolster joint cooperation in various growth sectors between the two countries.

These include the trade and investment sector, specifically in financial services, transportation, information technology, the energy and petroleum sector, the science sector and the exchange of research in the scientific and informational aspect, in addition to the agricultural sector.

The two sides will also be employing renewable energy in the protection of plants and fruits, in addition to the sector of protecting water consumption and enhancing its quality, and agreeing to cooperate in the health sector, specifically in the field of training and qualification of human resources, medical technology and health care.

Both parties also agreed to develop joint cooperation in the education sector, noting to exchange educational programs in various disciplines and academic degrees, youth and sports as well as tourism and culture, and it was also agreed that the two countries would exchange a number of programs common and diverse in this regard.

The two sides stressed the importance of finalizing the investment promotion and protection agreement and activating the double taxation avoidance agreement to create a sustainable environment to enhance trade and investment between the two sides.

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