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Arab-Hungarian Forum boosts Saudi trade

The 2nd Arab-Hungarian Business Forum 2014 saw the signing of 16 cooperation agreements with Arab business sectors.
The forum showcases an expo on products and investment partnership opportunities.
The Council of Saudi Chambers (CSC), the Hungarian Investment and Trade Authority (HITA) and the General Union of Chambers of Commerce, Industry and Agriculture for Arab Countries (GUCCIAAC) are jointly organizing the three-day high-profile event.
According to Hungarian Ambassador Miklos Kallay, the forum is co-chaired by Second Deputy Prime Minister Prince Muqrin and Hungary Prime Minister Viktor Orban.
The Hungarian leader is accompanied by 25 officials and 200 businessmen.
A source from CSC said the highlights of the event, among other things, included the signing of an investment agreement worth $2 billion, including 40 investment projects covering five sectors — agriculture, food, real estate, inventions, energy and renewable energy, capital goods industry as well as in the sector of medicine, recreation and tourism.
Prince Muqrin addressed the opening session of the forum followed by CSC Chairman Abdullah Al-Mobty and Adnan Kassar, head of GUCCIAAC.
On the Hungarian side, Deputy State Secretary for Global Affairs Peter Wintermantel and the Hungarian prime minister were scheduled to address the gathering.
According to CSC, the Hungarian side was presenting investment projects, including investment opportunities and incentives to overseas investors in Hungary in various economic fields.
The conference aims to enhance the prospects for economic cooperation between the Arab countries and Hungary and ways of reviving partnership between them.
It addressed the major challenges that hinder the development of economic relations.
They shed light on ways of improving the rapport between them to the level of political relations.