The United Arab Emirates is one of the countries that is dictating the changes going on within the global economy, and with which Hungary is striving to achieve close cooperation”, Minister of Foreign Affairs and Trade Péter Szijjártó said following the second session of the Hungary-United Arab Emirates Joint Economic Committee in Budapest on Friday.

“Eximbank has opened a 630-million-dollar credit line to facilitate cooperation between enterprises from Hungary and the Emirates”, Mr. Szijjártó highlighted. “We have also agreed on the text of the investment protection agreement, and just one issue remains to be resolved before it can be signed”, he said.

The Foreign Minister spoke about the fact that Dubai will be hosting the World Expo in 2020, adding that the Hungarian Government has earmarked 21 billion forints (EUR 66.8 million) for Hungary’s participation. “The central topic of Hungary’s presentation will be water, and the Government expects Hungarian water management technologies to enter the market in the UAE as a result of its presence at the Expo”, he indicated.

Minister for Economy of the United Arab Emirates Sultan bin Saeed Al Mansoori highlighted, amongst others, the innovation and technology agreement concluded on Thursday, in accordance with which cooperation will be tightened within the fields of renewable energy sources, GMO-free food industry products, and the development of self-driven vehicles.

Mr. Szijjártó recalled that the United Arab Emirates opened an embassy in Budapest in January of this year. The Minister said he is expecting to see an increase in tourism traffic between the two countries in view of the fact that following Emirates and Wizzair, airline Flydubai will also be launching a direct air passenger service between Dubai and Budapest in June.

“Last year, trade flow between the two countries increased by 14 percent to exceed 240 million dollars. In the interests of reinforcing inter-business relations, the Hungarian Chamber of Commerce and Industry has proposed the setting up of a business council”, the Minister of Foreign Affairs and Trade told the press.

Mr. Szijjártó also mentioned that the  first nuclear power station in the United Arab Emirates will be put into commission next year, and the country needs experts to enable its operation; the parties plan to use the training system that has been in existence in Hungary for decades to assure the training of these professionals. “The preparation of our higher education agreement is also in its final stage, meaning that 100 scholarship students from the UAE will soon begin their studies at Hungarian universities”, he stated.

Sultan bin Saeed Al Mansoori told reporters that entrepreneurs from the UAE have already invested in Hungary’s hotel industry, and see further opportunities in developing tourism relations, for instance within the field of health tourism.

“There is a need for private enterprises to also appear in new fields. Appearing at the Dubai Expo in 2020 is a major opportunity for Hungary and for Hungarian enterprises”, he stressed.

The Minister highlighted the importance of small and medium-sized enterprises, explaining that SMEs generate almost 90 percent of the United Arab Emirates’ GDP. Mr. Mansoori said the UAE is also proposing the conclusion of an agreement in the interests of developing opportunities for small companies.

(MTI)