Minister for National Economy Mihály Varga discussed economic relations between the United Arab Emirates and Hungary as well as potential fields of cooperation with UAE Foreign Minister Abdullah Bin Zayid Al Nahyan. The Hungarian Minister expressed his conviction that Hungarian enterprises could successfully join urban development projects in the Emirates.
Under the “Opening to the East” policy, Hungary has placed special emphasis on bolstering bilateral relations with Gulf states and other Arab countries, Mihály Varga stressed after the meeting. Long-term economic partnership between the two countries has been based on a firm footing: diplomatic relations were established in 1991, a treaty on the avoidance of double taxation was concluded in 2013 and a Joint Economic Committee has recently been founded.
Mihály Varga also pointed out that Hungary’s economic performance in recent years has turned the country into one of the most reliable in the region. A balanced economic growth path, rising household consumption and subdued inflation provide investment environment that may be attractive also for companies of the Emirates. Both countries are promoting closer cooperation in the field of innovation, food industry, water management, health industry and tourism.
The Hungarian market is open to enterprises from the Emirates and their products, the Minister emphasised, mentioning the potential establishment of a food logistics centre in Hungary. In order to facilitate cooperation between Hungarian and UAE enterprises, Eximbank offers a loan facility of EUR 300 million, Mihály Varga added.
(Ministry for National Economy)
