Inaugural UAE-Hungary Joint Economic Committee Meeting Explores Ways to Boost Bilateral Collaboration

Dubai-UAE: 5 March 2016 – A UAE delegation led by His Excellency Sultan bin Saeed Al Mansouri, Minister of Economy, and a Hungarian delegation headed by Péter Szijjártó, Minister of Foreign Affairs and Trade, headlined the first UAE-Hungary Joint Economic Committee (JEC) meeting seeking to strengthen ties between the two countries.

Convening high-level government officials and representatives of the business community from the two countries, the meeting reviewed the progress achieved following the signing of the Agreement on Economic and Technical Cooperation between Hungary and the UAE in September 2015.

The inaugural session of the Joint Economic Committee witnessed the signing of a memorandum of understanding between the Dubai Chamber of Commerce & Industry and the Hungarian Chamber of Commerce and Industry. 

Addressing the JEC meeting, the UAE Minister of Economy said: “We are delighted to host this meeting of the UAE-Hungary JEC. We are confident the Committee’s work will facilitate new synergies and business partnerships between our two countries and allow trade to flourish. We hope to see our productive collaboration translate into positive outcomes for the UAE and Hungary.”

Al Mansouri added: “Although we commend the hard work and achievements till date, we believe there is a great deal to be accomplished. Non-oil trade between the registered AED 2.567 billion in 2014. Today, the UAE and Hungary have an excellent opportunity to maximize cooperation across a variety of economic sectors. We hope to leverage our mutual enabling investment environments to develop new avenues for cooperation.”

Highlighting the core strengths of the UAE economy, Al Mansouri said: “The UAE has developed an economic model that has significantly contributed to world trade and international investments. The country has strengthened its position as a regional business hub and preferred gateway for global players keen to foray into the markets of the GCC region, Africa and Southeast Asia.”

The JEC discussions focused on building cooperation in key areas such as trade and investment, small and medium-sized enterprises (SMEs), energy, agriculture and environment, water management, health care, tourism, ICT, transport, and intellectual property. The two sides examined ways to promote, diversify and develop bilateral trade and investments. Know-how on products and activities that could contribute to strengthening bilateral trade and investments was also exchanged.

In addition, the first UAE-Hungary business meeting was also held on the sidelines of the JEC. Senior officials and businessmen from both countries met to explore investment opportunities that will open up new areas of cooperation.

For its part, the Hungarian delegation commended the UAE’s efforts in boosting regional and global trade and noted that the country is a reliable and important trading partner to Hungary and Europe in general.

The ongoing visit of the Hungarian Minister of Foreign Affairs and Trade to the UAE will include a number of high-level meetings and discussions as well as the signing of several joint agreements.