Page 343 - MOE ENGLISH PR REPORT - JUNE 2024

He said that the UAE sees Hungary as an important economic partner in Eastern
Europe and looks forward to continuing joint efforts in sectors of mutual interest to
contribute to the sustainable development of both economies.

Bin Touq said: “The convening of the 4th session of the UAE-Hungary Joint Economic
Committee is a significant step forward, reiterating both sides’ commitment to
strengthening economic and investment relations between the two countries. It reflects
our shared desire to explore opportunities for cooperation in the sectors of the new
economy, clean and renewable energy, logistics, tourism, circular economy, modern
technological industries, agriculture, water management, infrastructure projects, and
space science, unlocking new growth prospects for the private sector.”

During the meeting, shed light on a number of incentives and advantages offered by the
UAE economy to entrepreneurs and startups, both at legislative and regulatory levels.
The country has successfully developed a competitive legislative environment that
supports the establishment of businesses and the launch of innovative projects, thus
fostering entrepreneurship and investments and consolidating the UAE’s position
among the best global economic destinations. H.E. pointed out that the UAE is now
home to promising startups and creative industries that also benefit from the country’s
leading infrastructure and technology ecosystem. The UAE secured number one
ranking in the GEM 2023/2024 Global Entrepreneurship Monitor (GEM) report for the
third year in a row.

He also called on the Hungarian private sector to take advantage of the promising,
competitive policies and opportunities offered by the UAE to establish diverse business
and economic activities and launch startups in the country. These include the
amendment to the Commercial Companies Law to grant full foreign ownership of
companies, which contributed to the establishment of over 275 thousand new
companies within a year and a half, taking the total number of companies operating in
the UAE to more than 788 thousand by the end of 2023, as well as the country’s
strategic position that supports its status as a dynamic global trading hub.

The Minister of Economy invited the Hungarian private sector to capitalise on the
opportunities and flexible, competitive advantages offered by the UAE economy to
establish businesses, economic activities and innovative startups in the country. One
remarkable development is the amendments made to the Commercial Companies Law
to allow 100 per cent foreign ownership of companies in the UAE. This amendment has
resulted in the establishment of over 275,000 new companies in just a year and a half.
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.

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

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new-economy