UAE, Hungary Ink Trade and Investment Deal 

The UAE-Hungary economic cooperation pact seeks to deepen bilateral ties and drive mutual growth across key sectors such as industry, commerce, investment, tourism, logistics, infrastructure, and real estate. It also aims to bolster non-oil trade, which has surged significantly in recent years. In 2023, non-oil trade spiked by 23.1 percent to over $1.127 billion — a threefold increase from $409 million in 2019.

Al Zeyoudi emphasized that the agreement paves the way for expanded trade and investment opportunities by harnessing the economic potential of both nations. He remarked, “The UAE and Hungary’s economic relations continue to strengthen, bolstered by our shared goal of achieving sustainable economic growth through increased trade and investment between our friendly nations. We are fostering avenues for our private sectors to enhance collaboration and forge partnerships in various sectors crucial for economic diversification, while also facilitating and incentivizing the growth of forward-looking private enterprises and emerging industries within and beyond our borders.”

Szijjártó echoed similar sentiments, stating, “The United Arab Emirates is a key trading partner in the Arab region for Hungary, and we anticipate elevating our bilateral ties to new heights across diverse developmental fields with today’s agreement. This economic cooperation agreement marks a significant milestone in our collaborative journey, as it lays down specific frameworks and vital programs for advancing bilateral cooperation in priority sectors. This will fortify our bilateral partnership in the years ahead, fostering more diversified, robust, and sustainable economic and commercial relations.”

Under the agreement, a joint committee will be established to facilitate and oversee economic engagement between the two countries, developing mutually beneficial programs and initiatives aligned with the agreement's objectives, while also instituting mechanisms to ensure their successful execution.

The signing builds upon the cooperation program agreed upon by the two countries in 2022, which prioritized nine key sectors, including trade, investment, talent attraction and small and medium-sized enterprises, water resource management, energy and renewable energy, tourism and culture, logistics and supply, research and technology, space, and education.