The UAE and Hungary have solidified their economic partnership by focusing on new economy sectors, agriculture, tourism, entrepreneurship, advanced technology, and infrastructure. This strategic collaboration was formalized during the fourth session of the Joint Economic Committee (JEC) held recently in Budapest.
Fourth Session of Joint Economic Committee Held in Budapest
The fourth session of the JEC, held in Budapest, was co-chaired by H.E. Abdullah bin Touq Al Marri, Minister of Economy of the UAE, and H.E. Peter Szijjártó, Minister of Foreign Affairs of Hungary. The meeting saw participation from numerous officials and representatives from both the government and private sectors of the two countries.
H.E. Bin Touq highlighted the robust and growing relations between the UAE and Hungary, driven by mutual support and shared development goals. He emphasized Hungary’s significance as a key economic partner in Eastern Europe and expressed enthusiasm for continued collaboration in sectors of mutual interest, aimed at promoting sustainable development.
Strengthening Economic and Investment Relations
H.E. Bin Touq remarked, “The convening of the 4th session of the UAE-Hungary Joint Economic Committee is a significant step forward, reiterating both sides’ commitment to strengthening economic and investment relations between the two countries. It reflects our shared desire to explore opportunities for cooperation in the sectors of the new economy, clean and renewable energy, logistics, tourism, circular economy, modern technological industries, agriculture, water management, infrastructure projects, and space science, unlocking new growth prospects for the private sector.”
During the meeting, H.E. Bin Touq outlined various incentives and advantages offered by the UAE to entrepreneurs and startups, including a competitive legislative environment that supports business establishment and innovation. The UAE’s leading infrastructure and technology ecosystem has made it a prime destination for promising startups and creative industries. The UAE’s top ranking in the GEM 2023/2024 Global Entrepreneurship Monitor report for the third consecutive year was highlighted as a testament to this environment.
H.E. Bin Touq also encouraged the Hungarian private sector to leverage the UAE’s competitive policies and opportunities to establish diverse business activities and launch startups. Notable among these policies is the amendment to the Commercial Companies Law, allowing full foreign ownership of companies, which has led to the establishment of over 275,000 new companies within a year and a half, bringing the total to more than 788,000 by the end of 2023. The UAE’s strategic location further cements its status as a dynamic global trading hub.
Fostering Private Sector Cooperation
The meeting delved into enhancing cooperation and exploring potential opportunities for private sector growth in both countries. It aimed at forging new partnerships to strengthen economic ties and encouraging entrepreneurs to expand into new markets, aligning with the vision of both nations for innovative economic models.
Focus on Agriculture, Food Security, and Tourism
The UAE and Hungary agreed to continue exchanging expertise and best practices in various fields, including agriculture, food security, animal husbandry, the food industry, water and environmental management, energy, and renewable energy. The session also explored innovative ways to boost tourism flows and foster collaboration between tourism companies. Air traffic between the UAE and Hungary is growing, with more than 56 flights operating between the two destinations each month.
Advancing the New Economy
Both parties emphasized the importance of ongoing knowledge exchange between public and private sectors and staying abreast of advancements in modern technology and artificial intelligence to drive green growth, energy efficiency, entrepreneurship, and the development of new economy sectors. The Hungarian side expressed interest in collaborating with relevant UAE organizations to enhance sustainability policies, innovative technologies, and digital solutions in infrastructure development.
Signing of Key MoUs
The session also saw the signing of significant memorandums of understanding (MoUs):
- MoU between the UAE Ministry of Climate Change & Environment and Hungarian Ministry of Agriculture:
- This MoU aims to strengthen agricultural cooperation through capacity building, expertise exchange, and the localization of innovations and technologies in various agricultural areas. It was signed by H.E. Bin Touq and H.E. Peter Szijjártó.
- MoU between UAE Space Agency and Hungarian Ministry of Foreign Affairs and Trade:
- Representing the Hungarian Space Research Office, this MoU seeks to enhance collaboration in space research and peaceful space activities. It includes promoting the exchange of perspectives on space policies, developing human capital, and fostering academic cooperation in space-related fields. The MoU was signed by H.E. Salem Butti Al Qubaisi, Director General of the UAE Space Agency, and H.E. Peter Szijjarto.
This renewed partnership between the UAE and Hungary marks a significant milestone in their economic relations, promising substantial growth and development in multiple sectors.
