United Arab Emirates, Hungary strengthen economic ties, focus on renewable energy at joint session of Economic Committee

The fourth session of the UAE-Hungary Joint Economic Committee (JEC) was held in Budapest on 19-20 July, chaired by HE Abdullah bin Touq Al Marri, UAE Minister of Economy and HE Peter Szijjártó, Minister of Foreign Affairs of the United Kingdom. Hungary. The meeting was attended by various officials and representatives of the government and private sectors from both countries.

HE Bin Touq highlighted the growing economic relations between the UAE and Hungary, attributing this progress to the support of both leaders and shared development aspirations. He emphasized the UAE’s perception of Hungary as a significant economic partner in Eastern Europe and expressed the willingness to continue joint efforts in sectors of mutual interest, contributing to the sustainable development of both economies.

“The convening of the 4th session of the UAE-Hungary Joint Economic Committee is a significant step forward, reaffirming the commitment of both sides to strengthening the economic and investment relations between the two countries. It reflects our shared desire to explore cooperation opportunities in the sectors of new economy, clean and renewable energy, logistics, tourism, circular economy, high-tech industries, agriculture, water management, infrastructure projects and space science, opening up new growth prospects for the private sector,” HE Bin Touq said.

During the meeting, HE Bin Touq presented the incentives and benefits offered by the UAE economy to entrepreneurs and startups, citing the country’s competitive legislative environment that supports the establishment of companies and innovative projects. He noted the UAE’s success in ranking first in the GEM 2023/2024 Global Entrepreneurship Monitor report for the third time in a row. Moreover, it encouraged the Hungarian private sector to take advantage of the UAE’s promising and competitive policies, including full foreign ownership of companies, which resulted in the creation of over 275,000 new companies in just a year and a half.

Discussions also focused on strengthening cooperation at the private sector level, with the aim of supporting new partnerships and strengthening economic ties between the UAE and Hungary. Key areas of cooperation included agriculture, food security, tourism and the new economy. Both sides agreed to continue exchanging expertise and best practices in various fields and explore innovative methods to stimulate tourism flows and boost private sector growth.

The highlight of the session was the signing of a memorandum of understanding (MoU) between the UAE Ministry of Climate Change and Environment and the Hungarian Ministry of Agriculture. The aim of this agreement is to strengthen agricultural cooperation through capacity building, exchange of expertise and localization of innovations and technologies in agriculture. Another MoU was signed between the UAE Space Agency and the Hungarian Ministry of Foreign Affairs and Trade, focusing on cooperation in space research and peaceful space activities.

The United Arab Emirates and Hungary reaffirmed their commitment to strengthening economic and investment relations, paving the way for future cooperation and growth opportunities in various sectors.

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