Hungary and UAE to boost economic ties

26 Mar 2019

flagsThe United Arab Emirates and Hungary are planning to boost their ties in the science, technology and innovation sectors, Industry Europe reports.

During the 2nd Joint Economic Committee between both countries, which was held in Budapest, senior representatives from both the UAE and Hungary spoke of strengthening their ties in order to benefit in areas of trade, industry, investment, renewable energy, insurance, tourism, science, technology, telecommunications, aviation, education, culture and Halal accreditation.

The Ministry of Economy and the Ministry of Innovation and Technology of Hungary signed a Memorandum of Understanding related to plans of cooperation between the two countries.

Sultan bin Saeed Al Mansouri, Minister of Economy, credited the sectors on the committee’s agenda for aiding the creation of a new era of economic and trade cooperation between the two countries. He went on to note that preliminary estimates showed the non-oil trade exchange reached about $430-million (€380-million) in 2018, while Hungarian Foreign Direct Investment (FDI) inflows into the UAE reached $19.4-million (€22-million), with Emirati FDI inflows to Hungary worth $597-million (€675-million).

"The United Arab Emirates is one of the countries that is dictating the changes going on within the global economy, and with which Hungary is striving to achieve close cooperation,” said Hungarian Minister of Foreign Affairs and Trade, Péter Szijjártó.

“Last year, trade flow between the two countries increased by 14% to exceed $240-million. In the interests of reinforcing inter-business relations, the Hungarian Chamber of Commerce and Industry has proposed the setting up of a business council.

“Eximbank has opened a $630-million credit line to facilitate cooperation between enterprises from Hungary and the Emirates. We have also agreed on the text of the investment protection agreement, and just one issue remains to be resolved before it can be signed,” he went on to say.

Mr. Szijjártó also addressed the topic of education, saying: “The preparation of our higher education agreement is also in its final stage, meaning that 100 scholarship students from the UAE will soon begin their studies at Hungarian universities.”