Muscat: The Sultanate, represented by the Ministry of Commerce, Industry and Investment Promotion today signed an agreement with Hungary to build upon their existing economic ties.

The agreement aims at promoting the economic and technical cooperation among the public and private sectors in both countries, as well as establishing long-term economic relations and finding a conducive investment climate between the two sides.

The agreement includes forming a joint committee between the two countries to foster diversification of economic cooperation in fields of industry, energy, transport, communications, scientific research, logistic services, tourism, agriculture, environment and health.

Further, the agreement encourages the exchange and training of specialists, scientists, technicians and students, besides enhancing cooperation among government institutions, business communities, commerce and industry chambers.

The agreement was signed on behalf of the Sultanate’s Government by Dr. Saleh Said Massan, Commerce and Industry Undersecretary, while Dr. Tibor Szatmari, Ambassador of Hungary to the Sultanate, undertook the signing authority for Hungary.