UAE And Hungary Boost Economic Ties With Focus On Renewable Energy At Joint Economic Committee Session

The fourth session of the UAE-Hungary Joint Economic Committee (JEC) took place in Budapest on July 19-20, 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 various officials and representatives from the government and private sectors of both countries.

H.E. Bin Touq highlighted the growing economic relations between the UAE and Hungary, attributing this progress to the support of both leaderships and shared development aspirations. He emphasized the UAE’s view of Hungary as a significant economic partner in Eastern Europe and expressed eagerness 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, 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,” said H.E. Bin Touq.

During the meeting, H.E. Bin Touq outlined the incentives and advantages offered by the UAE economy to entrepreneurs and startups, citing the country’s competitive legislative environment, which supports the establishment of businesses and innovative projects. He noted the UAE’s success in ranking first in the GEM 2023/2024 Global Entrepreneurship Monitor report for the third consecutive year. Additionally, he encouraged the Hungarian private sector to take advantage of the UAE’s promising and competitive policies, including full foreign ownership of companies, which has resulted in over 275,000 new companies being established in just a year and a half.

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

A significant 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. This agreement aims 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 collaboration in space research and peaceful space activities.

The UAE and Hungary reaffirmed their commitment to strengthening economic and investment relations, paving the way for future collaborations and growth opportunities in various sectors.