United Arab Emirates and Hungary Forge Economic Pact

The United Arab Emirates (UAE) and Hungary inked a landmark economic cooperation agreement on March 14, 2024, aiming to supercharge trade and investment between the two nations. Signed in Budapest by Dr. Thani bin Ahmed Al Zeyoudi, the UAE's Minister of State for Foreign Trade, and Péter Szijjártó, Hungary's Foreign Affairs and Trade Minister, the pact underscores a commitment to fostering economic prosperity in key sectors.

This agreement marks a significant step forward in strengthening bilateral ties between the UAE and Hungary. The focus lies on propelling growth across various industries critical to both nations' economic diversification agendas. These sectors include, but are not limited to, industry, commerce, investment, tourism, logistics, infrastructure, and real estate.

The pact arrives amidst a backdrop of flourishing non-oil trade between the UAE and Hungary. In 2023, this trade segment witnessed a remarkable 23.1% surge, reaching over $1.127 billion. This figure represents a threefold increase compared to 2019, highlighting the immense potential for further economic cooperation.

Dr. Al Zeyoudi hailed the agreement's potential to unlock a new era of commercial exchange. "This agreement paves the way for amplified trade and investment opportunities by harnessing the combined economic strengths of both nations," he remarked. He further emphasized the shared objective of achieving sustainable economic growth through the stimulation of trade and investment flows.

The agreement serves as a catalyst for collaboration between the UAE and Hungary's private sectors. It fosters the creation of partnerships across various areas that are instrumental in economic diversification. The pact also aims to empower and incentivize future-oriented enterprises and burgeoning industries to flourish not only domestically but also internationally.

Hungary recognizes the UAE's position as a key trading partner within the Arab region. Mr. Szijjártó expressed optimism about the agreement's ability to elevate bilateral relations across a broad spectrum of development fields. He described the pact as a "milestone" that would usher in a new chapter in economic cooperation between the two countries.

A joint committee will be established under the agreement's framework. This committee will be tasked with facilitating and overseeing economic engagement, developing mutually beneficial programs and initiatives, and implementing mechanisms to ensure their successful execution. The UAE and Hungary, through this strategic partnership, are poised to unlock a new era of economic collaboration and shared prosperity.

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