The Hungarian-Saudi Business Council hosted a Hungarian-Saudi Business Forum in Budapest between May 6 and 8.

Péter Kárpáti, the Hungarian co-chair of the Council, said representatives from 100 Hungarian companies participated in the forum.

Hassan Al-Huwaizi, the chairman of the Federation of Saudi Chambers of Commerce and Industry, said business ties could be enhanced by focusing on cooperation based on knowledge and technology transfers in the long term. He added that cooperation in the food and machinery industries could be expanded to tourism, energy, smart technologies, fintech solutions and water management.

The Hungarian Chamber of Commerce and Industry (MKIK) said forum participants worked to ensure Hungarian companies play a role in Vision 2030, Saudi Arabia's blueprint for diversifying its economy.

The sides have agreed to organize another business forum in Saudi Arabia later this year.