On the featured photo Sultan bin Saeed Al Mansoor and Péter Szijjártó. Photo by Attila Kovács/MTI
The United Arab Emirates and Hungary agreed to strengthen their cooperation in the fields of science, technology and innovation.
This came as senior representatives of both countries discussed creating new partnerships in various sectors that will serve their development in areas of trade, industry, investment, renewable energy, insurance, tourism, science, technology, telecommunications, aviation, education, culture and Halal accreditation.
The discussion took place during the 2nd Joint Economic Committee between the UAE and Hungary, which was held in the Hungarian capital, Budapest.
The UAE delegation was headed by Sultan bin Saeed Al Mansouri, Minister of Economy, while the Hungarian side was headed by Péter Szijjártó, Minister of Foreign Affairs and Trade of Hungary.
The committee’s meeting also saw the participation of senior officials and business leaders, and included the signing a Memorandum of Understanding between the Ministry of Economy and the Ministry of Innovation and Technology of Hungary related to their cooperation in science, technology and innovation.
Al Mansouri said that the topics on the committee’s agenda will help establish a new era of economic and trade cooperation between the two countries.
He added that the non-oil trade exchange reached some $430-million (€380-million) in 2018, according to preliminary estimates, while Hungarian Foreign Direct Investment (FDI) inflows into the UAE reached $19.4-million (€22-million), with Emirati FDI inflows to Hungary valued at $597-million (€675-million).
Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó said: "The United Arab Emirates is one of the countries that is dictating the changes going on within the global economy, and with which Hungary is striving to achieve close cooperation.”
“Last year, trade flow between the two countries increased by 14% to exceed $240-million. In the interests of reinforcing inter-business relations, the Hungarian Chamber of Commerce and Industry has proposed the setting up of a business council.”
“Eximbank has opened a $630-million credit line to facilitate cooperation between enterprises from Hungary and the Emirates”, Mr. Szijjártó added. “We have also agreed on the text of the investment protection agreement, and just one issue remains to be resolved before it can be signed.”
The Foreign Minister spoke about the fact that Dubai will be hosting the World Expo in 2020, adding that the Hungarian Government has earmarked 21-billion forints (€66.8-million) for Hungary’s participation. “The central topic of Hungary’s presentation will be water, and the Government expects Hungarian water management technologies to enter the market in the UAE as a result of its presence at the Expo”, he said.
In January 2019, the UAE opened an embassy in Budapest. This precedes an expected a boost in tourism between the two countries in light of increased passenger flights on Wizzair and Emirates, as well as a new direct service between Dubai and Budapest with Flydubai starting in June.
Mr. Szijjártó also spoke of increased educational cooperation: “The preparation of our higher education agreement is also in its final stage, meaning that 100 scholarship students from the UAE will soon begin their studies at Hungarian universities”, he added.
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