UAE and Hungary sign agreements for economic cooperation in growth sectors

By Arya M Nair, Official Reporter
  • Follow author on
Mr. Abdulla Bin Touq Al Marri & Mr. Péter Szijjártó at the signing ceremony

The UAE Ministry of Economy and Hungary have signed five preliminary agreements for economic cooperation during the third Joint Economic Committee meeting between the two countries.

This includes the development of cooperation in the areas of space research and activities, trade, investment, talent attraction and Small and Medium-sized Enterprises (SMEs), water resource management, energy and renewable energy, tourism and culture, logistics and supply, and education.

The Committee’s meeting was chaired by Mr. Abdulla Bin Touq Al Marri, Minister of Economy, representing the UAE government, and Mr. Péter Szijjártó, Hungarian Minister of Foreign Affairs and Trade, representing his country, in the presence of  Dr. Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.

Abdulla bin Touq Al Marri
Abdulla bin Touq Al Marri
UAE Minister of Economy

“The UAE is the largest Arab trading partner of Hungary, accounting for 22 percent of Hungary’s total trade with the Arab countries in 2020. The third session of the Committee served as an important platform for working towards this common goal and agreeing on a roadmap to establish a new phase of economic and trade cooperation. This will be achieved through clear frameworks that will strengthen links and mechanisms for cooperation at the public, corporate, and private levels, thereby achieving the development and prosperity aspirations of both countries.”

Mr. Bin Touq reviewed the most recent developments and achievements in the economic environment of the UAE and briefed the Hungarian side on the recent initiatives and pilot projects launched by the country to support its future vision. Most notably, these included the ‘Projects of the 50,’ the efforts to transition into a new, more sustainable, and flexible economic model.

Mr. Péter Szijjártó said that “UAE is a key strategic partner of Hungary in the region, and we look forward to promoting bilateral cooperation between the two countries in all vital sectors and areas of development. The 3rd UAE-Hungary Joint Economic Committee has achieved significant progress in establishing well-defined frameworks and developing key programs to enhance the bilateral cooperation agenda in priority areas, especially in trade and space.”

Related: UAE and Turkey enhance bilateral ties with 10+ agreements