Page 349 - MOE ENGLISH PR REPORT - JUNE 2024

The UAE ranks first in the GEM 2023/2024 Global Entrepreneurship Monitor report for the third
consecutive year. Bin Touq encouraged the Hungarian private sector to leverage the UAE's
competitive policies and opportunities to establish diverse business activities and startups in the
country.

One notable development is the amendment to the Commercial Companies Law, allowing 100
percent foreign ownership of companies in the UAE. This change has led to over 275,000 new
companies being established within a year and a half. By the end of 2023, more than 788,000
companies were operating in the UAE.

The meeting explored ways to enhance cooperation and identify opportunities to boost private
sector growth in both countries. The aim was to create new partnerships that would strengthen
economic ties between the UAE and Hungary. The session also focused on encouraging
entrepreneurs to expand into new markets.
The UAE and Hungary agreed to continue exchanging expertise and knowledge. They will seek
insights from best practices in fields such as agriculture, food security, animal husbandry, food
industry, water management, energy, and renewable energy. The session also discussed
innovative methods to stimulate tourism flows between the two countries.
Air traffic between the UAE and Hungary is increasing, with more than 56 flights operating
monthly between the two destinations. Both parties emphasised the importance of keeping up
with advancements in technology and artificial intelligence for green growth and energy
efficiency.
Memoranda of Understanding

The session saw the signing of a memorandum of understanding (MoU) between the Ministry of
Climate Change and Environment of the UAE and the Hungarian Ministry of Agriculture. This
agreement aims to strengthen agricultural cooperation through capacity building and exchange
of expertise.

Another MoU was signed between the Hungarian Space Research Office and the UAE Space
Agency. This agreement focuses on collaboration in space research and peaceful space
activities. It aims to promote exchange on space policies and regulations while fostering human
capital development in space-related disciplines.
The Hungarian side expressed interest in collaborating with relevant organisations in the UAE to
enhance sustainability policies and digital solutions in infrastructure development. Both
countries are committed to transitioning towards innovative economic models through these
collaborative efforts.

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