On Tuesday, The President, His Highness Sheikh Mohamed bin Zayed Al-Nahyan, received a phone call from Hungarian Prime Minister Viktor Orbán. The discussion continued while focusing on measures to improve Hungary’s and the UAE’s bilateral connections, particularly in commerce, energy, renewable energy, and technology, as part of an economic cooperation agreement that the two friendly nations agreed in February 2022.
In accordance with a protection and attraction of investments agreement signed in July 2021, the two parties also talked about the significance of utilising promising investment opportunities to strengthen their economic cooperation and foster an environment for investors that inspires entrepreneurial endeavours and sustainable economic growth.
Additionally, Sheikh Mohamed and Orbán discussed a number of global and regional topics that bothered them.
In order to further their collaboration in trade, investment, water resource management, renewable energy, technology, education, and other crucial areas, the UAE and Hungary jointly announced an Economic Cooperation Programme this year.
To strengthen their trade partnership even further, the nations also decided to create programmes for economic cooperation along nine primary tracks.
Trade and investment, food security and agriculture, water management, energy and renewable sources, tourism and culture, logistics and supply, research and technology development, and space research, exploration, and education are all areas of cooperation.
According to the UAE Ministry of Economy, the Emirates made up 22% of Hungary’s total commerce with Arab countries in 2020, making them the country’s greatest commercial partner among Arab countries.
Despite the epidemic, non-oil foreign trade between the United Arab Emirates and Hungary was Dh2 billion ($544 million) in 2018. This is an increase of 1% from 2020 and 26% from 2019.
According to the ministry, the total amount of mutual investments between the two nations was close to Dh4 billion.