UAE And Hungary Discuss Strengthening Trade And Investment Collaboration During High-Level Roundtable

The United Arab Emirates and Hungary have agreed to enhance their trade and investment ties. They aim to explore new private-sector collaboration opportunities. This decision was made during a high-level business roundtable in Abu Dhabi, chaired by Hungary's Prime Minister Viktor Orbán. The event, hosted by the UAE Ministry of Economy, gathered key business leaders from both countries to identify potential areas for cooperation.

Prime Minister Orbán's visit aimed to build on the Economic Cooperation Agreement signed in 2024 between the two nations. This agreement has already led to a significant increase in trade over the past five years. From 2019 to 2024, bilateral non-oil trade nearly doubled, rising from US$409 million to US$799.2 million.

Mohamed Hassan Alsuwaidi, UAE's Minister of Investment, emphasised Hungary's importance in the UAE’s investment strategy. He stated, "Our strong and growing bilateral relationship with Hungary reflects our shared vision for long-term economic prosperity." Alsuwaidi highlighted the UAE's commitment to fostering future-oriented partnerships that benefit both nations.

The roundtable saw participation from prominent figures in the UAE business community. Attendees included Mohammed Al Abbar of Emaar Properties and Hatem Dowidar of e&. Other notable participants were Mohamed Jameel Al Ramahi from Masdar and Walid Al Mokarrab Al Muhairi of Mubadala Investment Company.

Ahmed bin Ali Al Sayegh noted that both countries are committed to supporting private sector growth under the UAE-Hungary Economic Cooperation Agreement. He said, "Our nations both share a commitment to support the private sector as they expand, innovate and create opportunity right along the value chain." The focus is on broadening exposure to regional and global markets through joint ventures.

The Hungarian delegation was led by Prime Minister Orbán and included Peter Szijjarto, Minister of Foreign Affairs and Trade. Key business leaders such as Gellért Jászai from 4iG and Zsolt Hernádi from MOL Plc were also present.

Focus on Key Sectors

Dr. Thani bin Ahmed Al Zeyoudi stressed the UAE’s dedication to strengthening ties with Hungary by focusing on non-oil trade growth. He mentioned that both countries are keen on developing sectors like manufacturing, logistics, agriculture, transport, and financial services. These sectors are seen as crucial for sustainable economic growth.

Prime Minister Orbán highlighted Hungary's dynamic economy and its efforts to establish partnerships with influential markets like the UAE. He pointed out that Hungary’s pro-growth environment supports innovation and new economic sectors.

Trade Growth Highlights

The UAE accounts for 62% of Hungary’s total trade with the GCC region today. This underscores its role as a strategic hub for trade in the Middle East. The ongoing collaboration aims at expanding foreign direct investment (FDI) and unlocking new innovation frontiers for mutual prosperity.

The meeting underscored shared goals between both nations in supporting private-sector expansion through projects in industry, trade, tourism, logistics, infrastructure, and real estate.

This collaborative effort between the UAE and Hungary is expected to pave the way for more robust economic ties in various sectors. Both countries are optimistic about leveraging their strengths for mutual benefit.

With inputs from WAM