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UAE, Hungary strengthening economic cooperation

Sunday, March 24, 2019

The UAE 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 US$430 million in 2018, according to preliminary estimates, while Hungarian FDI inflows into the UAE reached $19.4 million, with Emirati FDI inflows to Hungary valued at $597 million.

* Source: WAM

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