Kuwait, Hungary discuss boosting cooperation

Kuwait: Kuwait is exploring collaboration with Hungary in information technology, water treatment, and energy, according to a statement from KUNA. Delegations from both countries discussed ways to strengthen bilateral relations during the fifth session of the Kuwaiti-Hungarian Joint Committee for Economic and Technical Cooperation, held in Budapest and chaired by Assistant Undersecretary of the Ministry of Finance Aseel Al-Munifi.

The Kuwaiti finance ministry highlighted the importance of private sector participation from both countries in establishing business forums to identify genuine investment opportunities and enhance trade. The statement highlighted the soon-to-open direct air route between Kuwait and Hungary, along with the ratification of an agreement to encourage and protect mutual investments. Both the air route and the agreement emerged from the fourth session of the Joint Kuwaiti-Hungarian Committee.

Munifi met with Hungarian State Secretary of the Ministry of Defense Tamás Vargha, who led his country’s delegation alongside representatives from various government agencies. She also met with Hungary’s Minister of Economy and International Affairs Tóth Tibor to discuss how rapid economic changes are affecting growth rates and the future challenges facing both countries.

Their discussions included plans for achieving financial sustainability and diversifying income sources, as well as various economic and financial topics aimed at opening new avenues for cooperation between the two countries. The meeting also provided an overview of Hungary’s significant successes, particularly in renewable energy, information technology, and food security. Joint economic committee meetings play a crucial role in enhancing cooperation and diversifying economic relations between Kuwait and other nations, focusing on exploring investment opportunities, participating in major projects, and exchanging expertise.