Abu Dhabi: The governments of the UAE and Hungary have signed an economic cooperation agreement to stimulate trade and investment flows between the two nations in priority sectors of mutual interest.
The economic cooperation pact, signed in the Hungarian capital Budapest on Thursday, seeks to build on over $1.127 billion in UAE-Hungary non-oil trade in 2023, a threefold rise from $409 million in 2019.
The countries said in a joint statement that the agreement also aims to deepen bilateral ties between the nations and drive mutual growth across key sectors such as industry, commerce, investment, tourism, logistics, infrastructure, and real estate.
Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the UAE, and Péter Szijjártó, Minister of Foreign Affairs and Trade of Hungary, signed the deal. The UAE’s Ambassador to Hungary, HE Saud Hamad Al-Shamsi, attended the signing ceremony.
Al Zeyoudi said the agreement sets the stage for increased trade and investment by leveraging the two nations’ combined economic potential. He said, “We are creating opportunities for our private sectors to increase collaboration and build partnerships in various areas that will be pivotal to economic diversification while also facilitating and incentivising future-focused private enterprises and emerging industries to grow within and beyond our borders.”
For Hungary, Szijjártó said: “The UAE is a principal trade partner in the Arab region for Hungary, and we look forward to elevating our bilateral relations to new heights across various developmental fields with today’s signing.”
“This will enhance our bilateral partnership in the coming years, leading to more diverse, robust, and sustainable economic and commercial relations,” he added.
Committee for economic engagement
As per the agreement, the officials said a joint committee will be established to facilitate and oversee economic engagement between the two countries, developing mutually beneficial programs and initiatives in line with the agreement and establishing a mechanism to manage their successful implementation.
The signing builds on the cooperation program agreed upon between the two countries in 2022, which prioritised nine critical sectors, including 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.
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