UAE and Hungary explore stronger trade and investment ties

UAE and Hungary Strengthen Economic Ties, Boost Trade and Investment Prospects

Abu Dhabi [UAE], January 30:

In Abu Dhabi, the United Arab Emirates and Hungary conducted a high-level business roundtable where they reiterated their commitment to enhancing trade and investment cooperation. Under the direction of Hungarian Prime Minister Viktor Orban, the meeting’s main objectives were to strengthen economic ties and find fresh chances for private-sector cooperation.

Key business leaders from both countries participated in the roundtable, which was hosted by the UAE Ministry of Economy, to discuss promising industries like digital transformation, renewable energy, sustainable technology, logistics, and aviation. Enhancing economic integration, leveraging opportunities for mutual growth, and promoting innovation-driven collaborations were the goals of the talks.

Building on a Strong Economic Foundation

The roundtable strengthened the growing commercial ties between the two countries and was a significant part of Prime Minister Orban’s official visit to the United Arab Emirates. The 2024 Economic Cooperation Agreement, which has greatly increased bilateral commerce, provides the foundation for his visit.

From the UAE, the roundtable saw participation from several high-ranking officials, including Mohammed Hassan Alsuwaidi, Minister of Investment; Ahmed bin Ali Al Sayegh, Minister of State; Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; Saud Al Shamsi, UAE Ambassador to Hungary; and other senior representatives from key government and business sectors.

Along with Peter Szijjarto, Minister of Foreign Affairs and Trade; Gellert Jaszai, CEO of 4iG; Zsolt Hernadi, Chairman and CEO of MOL Plc; and other notable business leaders, Prime Minister Viktor Orban led the team from Hungary.

Broadening the Horizons of Trade and Investment
Prime Minister Viktor Orban emphasized Hungary’s pro-growth economic climate during the conference, which is encouraging innovation and drawing in foreign investment. He underlined the value of strategic business alliances with important markets, such as the United Arab Emirates, which have a big influence on the direction of the world economy.

Mohammed Hassan Alsuwaidi, UAE Minister of Investment, reaffirmed the country’s commitment to expanding foreign direct investment (FDI) with Hungary.

“A shared vision for long-term economic prosperity is the foundation of our growing bilateral relationship with Hungary,” he said. The UAE is committed to creating lasting relationships by taking advantage of our vibrant economy and business-friendly atmosphere to attract new investors.

State Minister Ahmed bin Ali Al Sayegh supported this view, emphasizing that the UAE-Hungary Economic Cooperation Agreement offers a solid foundation for growing investment and trade. “Both of our countries acknowledge the critical role of the private sector in economic growth,” he said. We are finding new ways to work together in important sectors like real estate, tourism, and infrastructure through joint ventures and high-level meetings like today’s roundtable.

Strategic Business and Private-Sector Collaboration

Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, emphasized the importance of strengthening non-oil trade, which has consistently grown in recent years.

He stated that private-sector cooperation is what propels long-term sustainable growth and emphasized important areas of shared interest, such as manufacturing, logistics, agriculture, transportation, and financial services.

Al Zeyoudi said, “We think Hungarian companies can gain a lot from the UAE’s top-notch infrastructure, business-friendly regulations, and strategic location as a trade hub, just as we see many promising investment opportunities in Hungary.”

The UAE: A Gateway for Hungarian Trade in the Region

Since 2019, non-oil trade between the UAE and Hungary has experienced consistent growth, reaching nearly USD 799.2 million in 2024. The UAE has established itself as a key trade partner for Hungary in the Gulf Cooperation Council (GCC) region, accounting for 62% of Hungary’s total trade with the GCC.

This reinforces the UAE’s role as a regional economic hub, providing Hungarian businesses with access to emerging markets across the Middle East, Africa, and Asia.

It is anticipated that more investment flows, new commercial prospects, and improved bilateral collaboration will result from the two countries’ ongoing talks and economic accords for years to come.

The UAE and Hungary are opening the door to a more integrated global economy that is powered by innovation, sustainability, and long-term prosperity by cultivating closer trade and investment ties.