Top dollar: Hungarian business leaders consider investment in MENA region
Arab and Hungarian officials and businessmen are mulling around $2 billion worth of investments during a forum in Budapest that kicked off Monday.
"We will propose a total of 87 [investment opportunities] in various sectors including 35 in tourism, 17 in renewable energy, 15 in IT and telecommunications"said Hungarian State Minister for Economic Affairs Zsolt Becsey.
Adnan Kassar, head of the Arab Union of Chambers of Commerce said at the opening of the forum that the Arab region will need trillions of dollars in infrastructure investments.
"Investments in infrastructure are expected to reach $4.3 trillion by 2020. Other sectors including banking, financial services and others are also very promising," he said, calling on Hungarian investors to channel investments into the region.
Hungarian Prime Minister Viktor Orban called on business people from the MENA region and Hungary to boost cooperation.
He said "old ways" are no longer enough to combat economic crisis, urging countries to boost competitiveness, cut spending and reduce debt.
The forum titled "Arab Hungarian Economic Forum," which is being organized for the first time, will focus on creating a platform for economic cooperation between the public and the private levels, a statement said.
According to the statement, participants will discuss opportunities in banking and finance, SME development, green industries, tourism, agriculture and food industry, life sciences and ICT sectors.
- Trouble getting them, trouble keeping them? Middle East firms challenged in attracting, retaining talent
- Does capitalism provide a solution to terrorism?
- No pain, no gain: Tunisian economy needs three years of tough love before rebounding
- How will MENA economies look in 2015?
- Sanctions face-off: Iran to unveil its corporate side in London next week