“Relations between the United Arab Emirates and Hungary are becoming increasingly intensive, from which Hungarian enterprises that perform to world class standards will be able to profit to the greatest extent”, Minister of State Levente Magyar said following a two-day visit to Abu Dhabi and Dubai.

The Minister of State for Economic Diplomacy met with UAE Minister of Economy Saeed Al Mansouri, who according to Mr. Magyar is very committed to improving economic relations between the two countries. The Emirates have said they may be opening an Embassy in Budapest next year, the Minister of State told the press, adding that this would also be most welcomed in view of the fact that Hungary has been present in the Emirates since 2006.

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Economic relations between the two countries had been moved in a negative direction recently because Hungary lost some 90% of its exports to the United Arab Emirates as a result of a production management decision by multinational cell phone manufacturer Nokia, Mr. Magyar recalled. This is one of the reasons the two countries are working to diversify trade, he said. The greatest opportunities for cooperation lie within the field of agriculture, because the Emirates import some 90 percent of their food consumption, he added.

Mr. Magyar also held talks with the representatives of several government bodies concerning Hungarian participation in UAE city development projects. Some Hungarian enterprises are involved in optimising the management of cities at a world class standard within the areas of energy use, transport safety and data management, and this is one Hungarian product that also has a market in highly developed economies, he said. Other potential areas of cooperation between the two countries include water management and environmentally friendly waste management projects, he added.

During his visit, the Minister of State also met with the President of Emirates Airline, with whom he agreed that promoting Hungary and Budapest in the Emirates could be given greater scope in the upcoming years. Mr. Magyar also said that an investment protection agreement between the two countries is also in preparation, which is an extremely important element of economic construction because it provides security and guidelines in case of possible disputes. In addition, the Hungarian state has offered one hundred additional higher education scholarships to the Emirates, with which the number of students from the UAE studying in Hungary will double, he said.

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Mr. Magyar said the Arab states are monitoring the European migration situation with great interest, according to his experience. It is important that we should create suitable conditions in the countries surrounding the conflict zone so that people do not feel the need to travel on towards Europe. After which Europe will also have a moral basis to close its borders, the Minister of State explained.

(Ministry of Foreign Affairs and Trade)