UAE, Hungary discuss deepening trade, investment ties
UAE and Hungary Strengthen Trade Ties in Abu Dhabi Meeting
The United Arab Emirates (UAE) and Hungary have agreed to enhance their trade and investment relations. This decision was made during a high-level business roundtable in Abu Dhabi, chaired by Viktor Orban, the Prime Minister of Hungary. The event was hosted by the UAE Ministry of Economy and included prominent business leaders from both countries.
Focus Areas for Collaboration
The discussions focused on exploring opportunities in renewable energy, sustainable technologies, digital transformation, logistics, and aviation. This meeting was part of Prime Minister Orban's official visit to the UAE, aiming to build on the Economic Cooperation Agreement signed in 2024.
Growth in Trade
Between 2019 and 2024, the bilateral non-oil trade between the UAE and Hungary nearly doubled, increasing from USD 409 million to USD 799.2 million. The UAE accounts for 62% of Hungary's total trade with the GCC region, highlighting its strategic importance.
Key Participants
From the UAE, notable attendees included Mohammed Hassan Alsuwaidi, Minister of Investment, and Ahmed bin Ali Al Sayegh, Minister of State. The Hungarian delegation was led by Prime Minister Viktor Orban and included Peter Szijjarto, Minister of Foreign Affairs and Trade.
Statements from Leaders
Prime Minister Orban emphasized Hungary's dynamic economy and its efforts to build partnerships with influential markets like the UAE. Mohamed Hassan Alsuwaidi highlighted the importance of Hungary to the UAE's investment strategy, while Ahmed bin Ali Al Sayegh spoke about the ongoing collaboration under the UAE-Hungary Economic Cooperation Agreement.
Future Prospects
Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, stressed the commitment to strengthening ties with Hungary, focusing on sectors like manufacturing, logistics, and agriculture. The UAE's business-friendly environment and strategic location offer Hungarian companies a platform for regional expansion.
Doubts Revealed
UAE
UAE stands for the United Arab Emirates, which is a country in the Middle East made up of seven smaller regions called emirates. It is known for its modern cities like Dubai and Abu Dhabi.
Hungary
Hungary is a country in Europe, known for its rich history and beautiful architecture. Its capital city is Budapest.
Abu Dhabi
Abu Dhabi is the capital city of the United Arab Emirates. It is one of the most important cities in the UAE and is known for its oil wealth and modern buildings.
Viktor Orban
Viktor Orban is the Prime Minister of Hungary. He is a political leader who makes important decisions for the country.
Renewable energy
Renewable energy comes from natural sources that can be replenished, like sunlight, wind, and water. It is important because it helps reduce pollution and is sustainable.
Digital transformation
Digital transformation is the process of using technology to change how businesses and services operate. It helps make things faster and more efficient.
Logistics
Logistics involves planning and managing the movement of goods and services from one place to another. It is important for trade and business operations.
Bilateral non-oil trade
Bilateral non-oil trade refers to the exchange of goods and services between two countries, excluding oil. It shows how countries trade other products like food, technology, and machinery.
GCC
GCC stands for the Gulf Cooperation Council, which is a group of countries in the Middle East that work together on economic and political issues. The UAE is a member of this group.
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