Minister of Industry and Trade: Bahrain is a strategic gateway to Gulf markets… and we look forward to doubling trade exchange
Businessmen: Building stronger and more sustainable economic relations during the next stage
Written by: Ali Abdul Khaleq
Photography – Mahmoud Baba
The Minister of Industry and Trade, Abdullah bin Adel Fakhro, confirmed that the Kingdom of Bahrain looks forward to advancing its economic and trade relations with Hungary to more advanced levels, indicating that the volume of existing trade and investment exchange between the two countries is still below common ambitions, which requires intensifying efforts and opening new horizons for cooperation between the private sectors of the two countries.
This came during his speech at the Bahrain-Hungary Industrial Forum, which was organized by the Bahrain Businessmen Association and brought together a number of officials, businessmen and investors from both sides, with the aim of exploring investment opportunities and strengthening economic and industrial partnerships between the two countries.
The Minister welcomed the Hungarian delegation participating in the forum, expressing his hope that the visit would contribute to building fruitful business relations and opening new channels of cooperation between Bahraini and Hungarian companies. He praised the efforts of the forum organizers in bringing together representatives of the private sector from the two countries under one roof, stressing that governments can create the appropriate environment for cooperation, but the real role in advancing economic relations lies with companies and businessmen through joint investment and the establishment of projects and strategic partnerships.
He said that Bahrain and Hungary have promising opportunities for cooperation in many vital sectors, including advanced manufacturing, technology, data science, food and pharmaceutical industries, financial services, and financial technology, in addition to the tourism sector, which represents a promising field for joint cooperation.
Fakhro stressed that the economy of the Gulf Cooperation Council countries is witnessing rapid growth and is considered one of the most dynamic economies in the world, which makes Bahrain an ideal platform for foreign companies wishing to access the region’s markets.
He pointed out that the Government of Bahrain considers investors as partners in the economic development process, stressing that government agencies continue to support investors not only in the establishment stage, but also during the stages of operation, expansion and growth, which contributes to achieving the success and sustainability of their investments.
He also expressed his aspiration to organize a corresponding visit for a delegation of Bahraini businessmen to Hungary during the coming period, which would contribute to enhancing direct communication between the business communities in the two countries and exploring more joint investment opportunities.
For his part, the President of the Bahraini Businessmen Association, Ahmed bin Hindi, confirmed that Bahraini-Hungarian relations are witnessing a growing development at various levels, indicating that the association places among its priorities the strengthening of economic and commercial cooperation between the two countries and the expansion of the network of relations between businessmen and companies on both sides.
He said: “The association works to introduce investors and businessmen to the opportunities available in Bahrain and Hungary, in addition to encouraging the establishment of partnerships and joint investments,” pointing out that a number of Hungarian companies have shown a clear interest in investing in the Kingdom by establishing factories or opening regional offices.
He explained that Hungarian companies possess advanced expertise in the fields of oil and gas, manufacturing industries, clean energy and technology, which are sectors that are compatible with Bahrain’s development trends and future economic plans.
He pointed out that the volume of trade exchange and mutual investments between the two countries is still limited compared to the available capabilities, stressing that the forum constitutes an important step towards building stronger and more sustainable economic relations during the next stage.
Bin Hindi added that opening direct airlines between Bahrain and Hungary would contribute to enhancing the movement of businessmen, tourists and investments, and would reflect positively on the private sector in the two countries and enhance opportunities for economic and trade cooperation.
In turn, a member of the Board of Directors of the Bahraini Businessmen Association, Nasser Al-Ahli, confirmed that the forum represents the first expanded meeting that brings together Bahraini and Hungarian businessmen under one umbrella, which opens the way for building direct relations between companies and economic institutions in the two countries.
He explained that the bilateral meetings held on the sidelines of the forum showed a mutual interest in cooperation in many fields, including the industrial, technological, real estate and specialized services sectors, noting that the Hungarian market is receiving increasing interest from Gulf investors.
He added that there are promising opportunities for cooperation in the fields of innovation, technology and advanced industries, as well as benefiting from mutual experiences and developing joint projects that benefit both parties.
For his part, Chairman of the Board of Directors and CEO of the Bahraini-Hungarian Relations, Friendship and Business Team, Tamas Hovany, confirmed that the forum is witnessing the participation of 10 Hungarian companies representing various economic and industrial sectors, and looking for opportunities to establish strategic partnerships and new investments in the Kingdom of Bahrain.
He explained that the total annual revenues of the participating companies exceed 100 million US dollars, which reflects the size and experience of these companies and their serious desire to expand into the region’s markets through Bahrain.
He pointed out that the participating companies are active in the fields of renewable energy, artificial intelligence, digital transformation, water technologies, food industries, and industrial machinery and equipment, stressing that these sectors are compatible with the economic and development priorities of the Kingdom of Bahrain.
Hovany said that the forum represents an important platform for deepening economic relations between Bahrain and Hungary and enhancing direct communication between companies and institutions from both sides, which contributes to building long-term partnerships and exchanging experiences and knowledge.
He added that relations between the two countries have great potential for growth in the coming years, especially in light of Bahrain’s advanced investment environment and strategic location that makes it an ideal gateway to access the Gulf and Middle East markets.
He stressed that the Hungarian side looks very positively at the opportunities for cooperation with Bahrain, expressing his confidence that the forum will constitute a starting point for a new phase of economic and investment cooperation between the two countries, in a way that serves the interests of the business communities and strengthens bilateral relations between the two countries.
