Kuwait Times, Sunday, Sep 17, 2023 | Rabi Al-Awwal 2, 1445
Kuwait and Hungary to seal investment protection deal
Kuwait:
Hungarian Deputy Minister of Defense Tamás
Vargha shared with Kuwait Times an upcoming milestone in Hungary’s economic
diplomacy as the country prepares to sign an investment protection agreement
with Kuwait in the coming year. This agreement underscores Hungary’s commitment
to nurturing economic ties with Gulf region countries and solidifying its
position as a hub for investment and trade in Central Europe.
With Hungary’s strategic location within the European Union and Kuwait’s
substantial investment potential, Vargha, during an exclusive interview,
revealed that several agreements are slated to be signed with Kuwait next year,
coinciding with the remarkable 60th anniversary of their diplomatic
relationship, symbolizing six decades of enduring friendship and cooperation. He
emphasized that this anniversary underscores the enduring strength of diplomatic
ties between the two nations and paves the way for a brighter future of
collaboration. Hungary aims to sign two agreements next year, focusing on
investment protection and double taxation agreements.
The deputy minister highlighted Hungary’s ambition to attract Kuwaiti investors,
given the range of opportunities and incentives the country offers. He
emphasized Hungary’s robust automotive industry, boasting the presence of major
European manufacturers known for their high-quality production. He also
mentioned Hungary’s strategic location within Europe, its skilled workforce, and
business-friendly environment, all of which make it an enticing prospect for
investors seeking opportunities in Europe.
Regarding trade between both countries, Deputy Minister Vargha revealed that the
total bilateral trade with Kuwait has reached approximately €30 million and is
on the rise. Furthermore, he mentioned an anticipated visit by Peter Szijjarto,
the Hungarian Minister of Foreign Affairs and Trade, to Kuwait next year.
Regarding his visit to Kuwait, Vargha said: “We had a joint economic commissions
meeting, which Hungary holds with 65 countries, and Kuwait is one of them. We
typically have annual meetings to discuss economic relations, and this marks our
fourth meeting with Kuwait. During my visit, I engaged with several officials,
and our discussions encompassed various topics, including defense. Defense holds
great significance for my country, particularly given the ongoing conflict
between Ukraine and Russia, which has persisted for over two years in our
vicinity.”
He added that Hungary has been a valued member of the North Atlantic Treaty
Organization (NATO) since its accession on March 12, 1999, marking a pivotal
moment in the country’s post-Cold War foreign policy. As a NATO member, Hungary
actively contributes to the alliance’s missions and objectives, participating in
various peacekeeping operations and supporting efforts to maintain stability and
security in Europe and beyond. Hungary’s commitment to NATO is rooted in its
recognition of the alliance’s fundamental principles, including mutual defense,
democratic values, and the promotion of peace and stability in the Euro-Atlantic
region.
On a different note, Vargha disclosed that Hungary offers 20 scholarships to
Kuwaiti students, allowing them to pursue degrees in various fields at Hungarian
higher education institutions. He mentioned, “Hungarian universities are
increasingly gaining recognition among students seeking to study abroad. The
scholarship application process is set to commence in November 2023.”
Regarding tourism, he highlighted Hungary’s rich history, stunning architecture,
thermal spas, and vibrant cultural scene, with Budapest, the capital city,
serving as a major attraction for tourists due to its iconic landmarks. Vargha
further stated, “To bolster the number of Kuwaiti tourists, Hungary’s steadfast
support for Kuwait’s inclusion in the Schengen visa waiver program is a
testament to the deepening ties between our two countries. This move holds the
potential to boost tourism, trade, and cultural exchanges between our nations.”
Regarding the number of Kuwaiti tourists visiting Hungary, he revealed that
around 2,000 Kuwaitis visited his country in 2022. It’s worth noting that
Hungary has been actively promoting tourism, and its appeal to Middle Eastern
travelers, including Kuwaitis, has been steadily increasing due to its unique
blend of history, culture and natural beauty. Additionally, discussions are
underway to establish direct flights to further enhance the influx of Kuwaiti
tourists, not only for regular tourism but also for medical tourism.
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