Page 346 - MOE ENGLISH PR REPORT - JUNE 2024

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growth on various fronts, especially the economic ones, thanks to the support of both leaderships and shared
development aspirations. 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.

H.E. 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, H.E. 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.

H.E. 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 capitalize 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% 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.

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.

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