And they agree to sign 5 memoranda of understanding between the concerned authorities of the two countries in the fields of Space, water resources management, education, diplomatic and academic cooperation
The UAE and Hungary agreed on an nine-pronged economic cooperation program during the third Joint Economic Committee meeting between the two countries. This includes the development of cooperation in the areas of trade, investment, talent attraction and small and medium-sized enterprises, water resource management, energy and renewable energy, tourism and culture, logistics and supply, research and technology, space, and education.
The Committee’s meeting was chaired by H.E. Abdulla Bin Touq Al Marri, Minister of Economy, representing the UAE government; and H.E. Péter Szijjártó, Hungarian Minister of Foreign Affairs and Trade, representing his country, in the presence of H.E. Dr. Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; and several other government and private sector representatives from both sides.
During the meeting, H.E. Bin Touq highlighted the strength and resilience of the bilateral relations between the UAE and Hungary, which boast tremendous potential for growth. He explained: “The UAE is the largest Arab trading partner of Hungary, accounting for 22% of Hungary’s total trade with the Arab countries in 2020. Furthermore, the two countries are striving to elevate this partnership to new heights in various priority sectors. 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.”
H.E. also underlined the importance of developing sustainable and long-term cooperation between the two countries in line with the new global economic developments by creating more partnership opportunities between the UAE and Hungarian business communities in the technology and digital transformation, the Fourth Industrial Revolution, and the new economy. These efforts are important to driving the sustainable economic growth of both countries, he said, noting Hungary’s significance as an important economic partner of the UAE in the Central and Eastern European region. He added that the two countries will work jointly during the next phase to enhance trade and investments exchanges in various sectors of common interest.
In addition, H.E. 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, and the comprehensive developments in economic legislation to facilitate business and enhance the country’s attractiveness to leading enterprises, world-class companies, talent, and innovation. The Minister of Economy called upon Hungarian companies and investors to explore the many advantages and attractive incentives offered by the UAE business environment and to take advantage of the strategic location and position of the UAE as a dynamic hub for trade, investment, and business and a vital gateway to Middle Eastern, Asian, and African markets.
Meanwhile, H.E Péter Szijjártó said: “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, most prominently trade and space. It places equal emphasis on fostering cooperation between the private sector organizations in both countries. This will enhance our partnership in the next phase, making it more resilient, diversified, and sustainable from both economic and trade perspectives.”
H.E. Dr. Al Zeyoudi said: “The UAE and Hungary share strong and solid relations and through the outputs of this Committee, we will work to develop a roadmap to promote cooperation between the two sides in order to increase trade exchanges, diversify investments, and ensure the efficiency and flexibility of supply chains. We also look forward to broader projects and opportunities for collaboration between the government and private sectors of the two countries; exploring more opportunities in new and emerging sectors; and providing all facilities and incentives to Hungarian companies wishing to establish or expand their business in the UAE or utilize its position as a gateway to other regional and global markets.” He expressed his optimism regarding further cooperation with the Hungarian government in the next phase to facilitate the UAE companies’ exports and investments in various Hungarian sectors.
The value of non-oil foreign trade between the UAE and Hungary during 2021 amounted to two billion dirhams, achieving a growth of 19% compared to 2020, and by 26% compared to 2019, which reflects high levels of growth despite the challenges of the Corona pandemic. The volume of mutual investments between the two countries amounted to about AED 4 billion.
During the session, the UAE commended Hungary’s active participation in the ongoing Expo 2020 Dubai, which serves as a multidimensional platform that provides a unique opportunity for Hungary to strengthen bilateral relations with the UAE as well as with other global partners.
The preparatory meetings of the committee during the last period also witnessed work on a number of programs and projects to consolidate the bonds of bilateral cooperation between the two countries in a number of vital fields. These efforts resulted in 5 agreements and memoranda of understanding that were agreed to be signed between the relevant institutions of the two sides in the fields of encouragement and mutual protection of investments, cooperation in space research and space activities for peaceful purposes, cooperation between the chambers of commerce and industry of the two countries, in the field of education, and diplomatic and academic cooperation, the cooperation water resources management as well.
In addition to that, the minutes of the third session of the Joint Economic Committee between the two countries included an agreement to develop economic cooperation programs in 9 main tracks to raise the level of economic and trade partnership to more advanced and prosperous levels in a manner that serves the efforts of the plan for economic advancement and recovery and the 33 initiatives of the state, where the agreed cooperation programs contribute In opening new horizons for growth and capacity-building in the areas of the new economy, the cooperation included areas:
Trade and investment
The UAE and Hungary agreed to promote the growth of bilateral trade, achieve full public-private partnership, engage chambers and export development agencies, encourage investment in both countries, participate in annual trade and investment events, and increase the frequency of official visits and bilateral meetings between representatives of the relevant private sectors to explore major development projects and investment opportunities. These efforts will focus on the fields of science, information technology, research and development, communications, health care, electrical products, iron and steel, and renewable energy.
Agriculture and food security
Both sides approved a plan to strengthen bilateral cooperation in agriculture, food security, and halal products, as well as facilitate the export and import of agricultural and animal products and livestock, strengthen cooperation and exchange of knowledge on water resource management among relevant government entities and build water management competencies.
Water Resources Management
The two sides agreed on the importance of enhancing cooperation, exchanging knowledge between the competent government entities, and building capacities related to integrated water management.
Energy and renewable energy
The UAE and Hungary agreed to support cooperation and exchange of knowledge in the field of energy and renewable energy, and study cooperation, education, and training methods in the field of peaceful use of nuclear energy.
Tourism and culture
During the Committee meeting, the two countries shared their desire to support joint efforts and explore opportunities for cooperation in culture, education, science, technology, innovation, and art.
Logistics and Supply
Both sides agreed to explore opportunities to develop cooperation in sustainable transport areas such as non-fossil fuels, buses, and transport sector capacity building.
Research and technology development
The two sides agreed to strengthen digital transformation, research and development, innovation, intellectual property, and patents, and promote the establishment of SMEs and startups in the fields of science, technology, and innovation.
The two countries signed an MoU to strengthen cooperation in space research and exploration.
The two countries welcomed the signing of a memorandum of understanding on enhancing cooperation in the field of education and academic cooperation.