Page 340 - MOE ENGLISH PR REPORT - JUNE 2024

As of the end of 2023, the total number of companies operating in the UAE exceeded
788,000. Furthermore, the country's strategic location strengthens its position as a
dynamic global trade hub.

Fostering cooperation at the private sector level

The meeting extensively explored ways to improve cooperation and explore potential
opportunities to boost private sector growth in both countries. The objective was to
cultivate new partnerships that would reinforce the economic ties between the UAE and
Hungary. Additionally, the meeting emphasized the significance of encouraging
entrepreneurs to enter and expand their businesses into new markets, in line with the
vision of both countries to transition to innovative economic models.

Agriculture, food security and tourism

The UAE and Hungary agreed on continuing the exchange of expertise and knowledge,
while also seeking insights from best practices adopted in various fields such as
agriculture, food security, animal husbandry, food industry, water and environmental
management and protection, energy, and renewable energy. In addition, the session
explored innovative methods to stimulate tourism flows and foster new avenues for
collaboration between tourism companies in both countries. Notably, air traffic between
the UAE and Hungary continues to grow, with more than 56 flights currently operating
between the two destinations every month.

New economy

The two parties highlighted the significance of continued exchange of knowledge
between the public and private sectors in both countries. They noted the importance of
keeping pace with the latest advancements in modern technology and applications
artificial intelligence in the transition towards green growth, energy efficiency,
entrepreneurship, and the development of new economy sectors.

During the meeting, the Hungarian side expressed their interest in exploring
opportunities for collaboration and coordination with relevant organisations in the UAE
to enhance sustainability policies, innovative technologies, and digital solutions in
infrastructure development.

MoU between UAE Ministry of Climate Change & Environment and Hungarian
Ministry of Agriculture

https://www.zawya.com/en/press-release/companies-news/uae-and-hungary-agree-on-
developing-economic-partnership-cvzlcodk