UAE and Hungary Forge Ahead with Strategic Trade and Investment Partnerships

The United Arab Emirates and Hungary aim to strengthen trade and investment collaborations, focusing on key areas like renewable energy and digital transformation. The bilateral ties, spotlighted during Prime Minister Viktor Orban's visit to Abu Dhabi, have seen significant growth, with trade nearly doubling from 2019 to 2024.


Devdiscourse News Desk | Updated: 30-01-2025 18:31 IST | Created: 30-01-2025 18:31 IST
UAE and Hungary Forge Ahead with Strategic Trade and Investment Partnerships
Representative Image. Image Credit: ANI
  • Country:
  • United Arab Emirates

The United Arab Emirates and Hungary have agreed to bolster their trade and investment partnership during a high-level business roundtable held in Abu Dhabi. Chaired by Hungarian Prime Minister Viktor Orban, the event highlighted potential areas for bilateral cooperation, particularly in renewable energy, sustainable technologies, and digital transformation.

The roundtable was part of Orban's official visit and aimed to build upon the Economic Cooperation Agreement signed in 2024. It marked a substantial increase in non-oil trade between the two countries over the past five years, from USD 409 million to USD 799.2 million. UAE attendees included prominent ministers and business leaders, while Orban led a delegation featuring key Hungarian officials and corporate executives.

Prime Minister Orban underscored Hungary's dynamic economy and its pro-growth business environment fostering innovation. His sentiments were echoed by UAE officials, who emphasized expanding foreign direct investment and leveraging the UAE's economic landscape for mutual prosperity. Both nations expressed commitment to developing sectors like manufacturing, logistics, and financial services, aiming to unlock new investment frontiers.

(With inputs from agencies.)

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