Al Rumhy also met Economy Minister Mihály Varga to discuss ways to boost bilateral economic relations and Hungarian investment opportunities in Oman. Hungary aims to boost Hungarian investments in Oman, which it sees as a bridgehead to further opportunities in India and Africa, Varga said.

Hungary can serve as a gateway for Omani companies seeking opportunities in the European Union, he added. The sides agreed that the swift conclusion of an inter-governmental agreement on avoiding dual taxation would be indispensable to further intensifying bilateral economic cooperation. Varga said this should be signed in the autumn so that it can take effect on Jan. 1.

The ministers also discussed cooperation in the oil industry. Varga expressed the Hungarian government’s full support for this as the largest stake-holder to MOL’s strategic partnership with Oman’s national oil company, Oman Oil.

MOL has already carried out several extraction exploration projects in Oman and its experts have been regularly contributing to developing Oman’s oil industry, Varga said. Continuing successful cooperation is in the interest of both sides, he added.

Republished with permission of Hungary Matters, MTI’s daily newsletter.

MTI photo: Botár Gergely