RIYADH: The high-level Hungarian delegation displayed here on Monday its investment opportunities in the agriculture, food industries and tourism sectors at the Council of Saudi Chambers (CSC).

The delegation headed by Minister of State for Economic Diplomacy of the Ministry of Foreign Affairs and Trade Levente Magyar said that Hungary can offer the best quality products and services while real estate and tourism are among the competitive and promising sectors where Saudis can invest.

Magyar introduced opportunities with high incentives and competitive offers for foreign investors, including geographical location as a gateway to European Union markets.

He said that his country attaches great importance to developing economic cooperation with the Kingdom that is reflected in the numerous visits of Hungarian officials to Saudi Arabia.

According to Magyar, trade exchange between the two countries is still modest ($700 million) which requires intensification of efforts to promote and increase exports from both sides. The official called on Saudi businessmen to visit Hungary and assess investment opportunities available in his country.

The visiting official was briefed by CSC head Dr. Abdulrahman Al-Zamil on the 28 chambers under the CSC umbrella representing the business sector in the Kingdom, and the effectiveness of the business community, and their participation in development and economic decision making.

Al-Zamil also pointed out CSC's role in boosting investment and trade both domestically and internationally. It has played a role in the trends and economic developments taking place in Kingdom, which encourages expansion in financing and development of the industrial sector.

He talked about agreements that have recently been signed between the two countries, including the convention on the avoidance of double taxation, which are considered good steps to promote economic and trade between the two countries.

“This also helps to encourage commercial and industrial partnerships between Saudi businessmen and their Hungarian counterparts in the industry, energy, services, construction and other promising sectors,” Al-Zamil noted.

The agricultural sector in Hungary represents 70 percent of the area of the country making it suitable for agricultural and animal production—promising for investment opportunities in the field of vegetables, fruits, grains, crops or livestock farming in addition to the food industry sector.

The size of the functional food products market is estimated at $130 billion according to a data on the agricultural sector and the food industry in Hungary, which makes for promising investment opportunities for Saudi businessmen.