The Arabian Gulf region is an extremely important area in our ’Opening to the East’ policy. What are the experiences of the recent period?
– The effective professional work conducted within the framework of the ‘Opening to the East’ foreign economy strategy, announced by the Hungarian government, has contributed a great deal to the major increase in the number of business opportunities for Hungarian companies in the Arabian Gulf region. Today, a number of embassies and consulates, as well as six local trading houses, are actively involved in the intensification of bilateral political, economic and trade relations and in promoting the export success of Hungarian companies. Owing to that infrastructure and the sales channels we have introduced, we have been able to conduct extensive and effective export promotion activities in regard to Hungarian products, services and technologies; and to position them in the Arab markets. In order to achieve that, we needed a foreign trade institutional system and local representation offices. With professional support from the Trading House, to date hundreds of Hungarian businesses have been able to introduce themselves at the region’s major trade fairs (including Middle East Electricity, Gulfood and Arab Health) and, as a result, have established actual bilateral co-operation. Our local representation offices have established close professional relations with the key public agencies and businesses, and have a good understanding of the market processes and specific business opportunities; while bringing a continuous stream of partners to our Budapest centre.