Wednesday, November 06, 2024
Business

Bahrain and Hungary’s Business Boost

by BTM

Sat, 05 October 2024

Bahrain and Hungary’s Business Boost

Relations between Bahrain and Hungary have reached a new high after Fareed Bader, Chairman of the Industry and Energy Committee at the Bahrain Chamber of Commerce and Industry, recently met with the Bahrain & Hungary Relations organisation to strengthen ties between Bahrain and Hungary. The discussion centred on joint cooperation in industrial innovation, particularly in energy conservation and carbon emission reduction.

Tamas Hovany, CEO of Bahrain & Hungary Relations, highlighted the organisation’s commitment to fostering economic collaboration and investment exchanges between the two nations. This aligns with the recently signed ‘Protection of Investments’ agreement, which aims to enhance bilateral investment protection.

A key focus of the collaboration is introducing advanced Hungarian technologies, such as a highly efficient steam generator designed to reduce energy consumption and environmental impact. Mr. Hovany emphasised the potential of this innovation to boost Bahrain’s industrial productivity and contribute to the Kingdom’s economic growth, with the possibility of registering the invention as a Bahraini patent. This would secure intellectual property rights and create new opportunities for local and international partnerships.

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