Page 35 - MOE ENGLISH PR REPORT - JUNE 2024

Press Release

UAE and Hungary agree on developing economic partnership in

new economy, agriculture, tourism, entrepreneurship, advanced
technology & infrastructure sectors

Fourth session of Joint Economic Committee held in Budapest

Abu Dhabi, 21 June 2024:

The fourth session of the joint economic committee (JEC) between the UAE and Hungary was held
in the Hungarian capital Budapest recently, chaired by H.E. Abdullah bin Touq Al Marri, Minister
of Economy, and H.E. Peter Szijjártó, Minister of Foreign Affairs of the Republic of Hungary. The
meeting was attended by several officials and government and private sector representatives from
both countries.

H.E. Bin Touq underscored that the relations between the UAE and Hungary have witnessed
continued 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.

th
H.E. Bin Touq said: “The convening of the 4 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

1