16 Arab-Hungarian MoUs signed in Riyadh

A total of 16 memorandums of understanding (MoUs) were signed by Arab and Hungarian bodies here on Sunday following the opening ceremony of the Second Arab-Hungarian Economic Forum, hosted by the Kingdom Saudi Arabia, with a wide participation by both sides. The documents include a framework agreement to strengthen investment cooperation between the Hungarian Trade and Investment Agency and the General Authority for Investment; a cooperation agreement in science and technology between the National Innovation Office in Hungary and King Abdulaziz City for Science and Technology. Other signed MoUs included an agreement between the Hungarian Chamber of Commerce and the General Union of Chambers of Commerce, Industry and Agriculture for Arab Countries, agreement to establish a Saudi-Hungarian Business Council in Saudi Arabia; agreement between the Hungarian National Council for Trade and the General Union of Chambers of Commerce, Industry and Agriculture for Arab Countries, and an agreement for cooperation between the Centennial Fund and the General Union of Chambers of Commerce, Industry and Agriculture for Arab Countries. In addition, 10 other cooperation agreements were signed between Hungarian and Arab companies, including an agreement to enhance and expand relations of trade cooperation between the two sides, an agreement to establish a commercial tower in Jeddah, an agreement to expand the Hungarian production of cheese in order to be exported to Arab markets, and an agreement to cooperate in the field of Tourism between Saudi Arabia and Hungary. The opening ceremony of the forum was patronized by Saudi Second Deputy Premier and Advisor and Special Envoy of the Custodian of the Two Holy Mosques Prince Muqrin bin Abdulaziz Al-Saud, in presence of Hungarian Prime Minister Viktor Orban.