UAE & Hungary explores ways to bolster economic partnership

By Shilpa Annie Joseph, Official Reporter
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UAE-Hungary JEC
Officials during the meeting.

The fourth session of the Joint Economic Committee (JEC) between the UAE and Hungary was held in the Hungarian capital Budapest, chaired by HE Abdullah bin Touq Al Marri, Minister of Economy, and HE Peter Szijjártó, Minister of Foreign Affairs of the Republic of Hungary.

HE Bin Touq underscored that the relations between the UAE and Hungary have witnessed continued growth on various fronts, especially the economic ones, thanks to the support of both leaderships and shared development aspirations.

Abdullah bin Touq Al Marri_GCAA launches CARDS
Abdulla bin Touq Al Marri
UAE Minister of Economy

“The UAE sees Hungary as an important economic partner in Eastern Europe and looks forward to continuing joint efforts in sectors of mutual interest to contribute 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, 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.”

The meeting extensively explored ways to improve cooperation and explore potential opportunities to boost private sector growth in both countries. The objective was to cultivate new partnerships that would reinforce the economic ties between the UAE and Hungary.

Additionally, the meeting emphasized the significance of encouraging entrepreneurs to enter and expand their businesses into new markets, in line with the vision of both countries to transition to innovative economic models.

The UAE and Hungary agreed on continuing the exchange of expertise and knowledge, while also seeking insights from best practices adopted in various fields such as agriculture, food security, animal husbandry, food industry, water and environmental management and protection, energy, and renewable energy.

Further, the two parties highlighted the significance of the continued exchange of knowledge between the public and private sectors in both countries.

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