Mutual benefits on horizon as Bahrain welcomes Hungarian companies with open arms

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

Reported by Zahra Ayaz

Bahrain’s market is set to witness an influx of Hungarian companies, as representatives from both nations expressed their keen interest in collaboration during a business networking event yesterday held at the Diplomat Hotel.

Tamas Hovany, Chairman of the Bahrain-Hungary Relations Committee and a member of the Bahrain Businessmen Association, lauded the growing partnership and highlighted the Kingdom’s natural geographic advantage and ongoing infrastructure projects that enhance its appeal as an expansion destination for Hungarian businesses.

One notable participant at the event was Food Security Specialists, an internationally renowned business development firm with a remarkable three-decade track record. Representing some of Hungary’s largest meat companies, their presence promises to further strengthen trade relations between the two nations.

Another major player from Hungary, a leading basic food supplier, is eyeing substantial investments in Bahrain. Their ambitious plans include establishing large-scale facilities such as chicken farms, hatcheries, feedstock production, and food packaging units, with investments exceeding $100 million.

Cybersecurity

In the realm of cybersecurity, a Hungarian firm specialising in advanced solutions for protecting large corporations showcased their expertise at the event. With Bahrain’s focus on renewable energy, the cybersecurity firm aims to establish a state-of-the-art research and development facility in partnership with either the government or private sectors.

Their primary objective will be to develop cutting-edge green technologies, aligning with Bahrain’s renewable energy goals. Expanding the scope of collaboration, a prominent Hungarian coffee manufacturer is actively seeking a joint venture with a Bahraini company. Their plans involve constructing a new facility in Bahrain and engaging in activities such as white labeling.

Additionally, an innovative Hungarian tire recycling Technology Company has expressed readiness to invest several million dollars in setting up a new facility in Bahrain. Leveraging Bahrain’s favourable business environment, they aim to contribute to sustainable waste management practices while capitalising on the country’s strategic location.

With mutual benefits on the horizon, businesses from both nations are poised to thrive in the ever-expanding global marketplace.