The recent fourth session of the Joint Economic Committee (JEC) between the UAE and Hungary took place in Budapest, chaired by the Minister of Economy of the UAE Abdullah bin Touq Al Marri and the Hungarian Minister of Foreign Affairs, Peter Szijjártó. The meeting was attended by officials and representatives from both countries. The UAE and Hungary have witnessed significant growth in their economic relations, with a focus on various sectors such as the new economy, clean energy, logistics, tourism, and technology.
In the meeting, the Minister of Economy highlighted the incentives and advantages offered by the UAE to entrepreneurs and startups, emphasizing the country’s supportive legislative environment for businesses. The UAE has been ranked as a top global entrepreneurial destination for three consecutive years, showcasing its commitment to fostering innovation and investment. The Minister invited the Hungarian private sector to explore the competitive policies and opportunities in the UAE, including the recent amendment granting full foreign ownership of companies.
The objective of the meeting was to enhance cooperation and explore opportunities for private sector growth in both countries. The UAE and Hungary agreed to exchange expertise and knowledge, particularly in fields such as agriculture, food security, energy, and renewable energy. The session also focused on stimulating tourism flows between the two countries, with an increasing number of flights connecting the UAE and Hungary every month. The parties highlighted the importance of staying updated with advancements in technology to drive green growth and entrepreneurship.
During the meeting, the Hungarian side expressed interest in collaborating with relevant organizations in the UAE to enhance sustainability policies, innovative technologies, and digital solutions in infrastructure development. Additionally, a memorandum of understanding was signed between the Ministry of Climate Change and Environment of the UAE and the Hungarian Ministry of Agriculture to strengthen agricultural cooperation. The agreement aims to promote capacity building, exchange of expertise, and localization of innovations in agriculture.
Furthermore, an MoU was signed between the Hungarian Space Research Office and the UAE Space Agency to enhance collaboration in space research and peaceful space activities. The agreement focuses on exchanging perspectives on space policies, fostering human capital development, and promoting academic cooperation in space-related disciplines. The signing of these agreements signifies a commitment to furthering economic and technological cooperation between the UAE and Hungary.
