UAE and Hungary are advancing their trade and investment partnerships, meeting in Abu Dhabi to discuss collaboration opportunities. The bilateral trade has seen substantial growth, nearly doubling from 2019 to 2024, highlighting the UAE’s strategic role for Hungary in the GCC. Both nations are committed to exploring sectors like renewable energy and digital technology to enhance economic ties.
The United Arab Emirates (UAE) and Hungary are enhancing their trade and investment relations, exploring private-sector collaboration at a business roundtable in Abu Dhabi led by Hungarian Prime Minister Viktor Orban. This event aimed to identify promising sectors such as renewable energy, digital transformation, and logistics, fostering deeper economic ties following the 2024 Economic Cooperation Agreement.
During Orban’s visit, notable figures from both countries gathered to review bilateral trade, which has surged nearly 100% from $409 million in 2019 to $799.2 million in 2024. The UAE now represents 62% of Hungary’s trade with the Gulf Cooperation Council (GCC), establishing itself as a pivotal trade hub in the region.
Prominent UAE officials, including the Minister of Investment, underscored Hungary’s significance in the UAE’s investment strategy, emphasizing shared visions for economic growth and innovation. The commitment to further joint ventures and projects indicates a mutual interest in enhancing economic cooperation and diversifying investment portfolios.
Hungarian leaders also highlighted the country’s dynamic economy and favorable business climate. They focused on opportunities that could arise from collaboration in various sectors, aiming to benefit both nations in the long run. This partnership reflects a strategic approach to international trade, leveraging both countries’ strengths for future initiatives.
The UAE and Hungary have been progressively strengthening their economic relationships as evidenced by the Economic Cooperation Agreement signed in 2024. Non-oil trade growth has been significant, marking Hungary’s increasing importance to UAE’s trade strategies. The two countries are exploring sectors that can provide mutual benefits, highlighting innovative technologies and sustainable practices as core areas of focus.
The meeting between UAE and Hungarian officials represents a continuing effort to deepen bilateral ties through trade and investment. With substantial increases in non-oil trade and a mutual commitment to fostering a collaborative business environment, both nations are poised to expand their economic partnership. The emphasis on developing various strategic sectors indicates a robust framework for future cooperation that could yield significant benefits for both economies.
Original Source: www.aninews.in
