Hungary strives to build close economic ties with the United Arab Emirates, one of the countries “setting the pace for global economic change”, Foreign Minister Péter Szijjártó said after a session of the Hungary-UAE joint business committee in Budapest. Cooperation between UAE and Hungarian firms will be promoted by way of a credit line of 630 million dollars set up by Hungary’s Eximbank, Szijjártó said.
Szijjártó said the government has earmarked a total 21 billion forints to finance Hungary’s participation in the 2020 World Expo in Dubai. Participation in the expo could help Hungarian water management technology firms to UAE markets, he said.
Szijjártó and Sultan bin Saeed Al Mansoori, his UAE counterpart, signed an agreement on cooperation in research and technology with special regard to renewable energies, GMO-free food products and automatic vehicles. Szijjártó noted that the UAE had opened an embassy in Budapest in January.
Trade between the two countries has jumped by 14 percent in 2018 to exceed 240 million dollars, he said. Hungary will participate in training experts for the UAE’s first nuclear power plant to start operation next year. Further, it is set to offer 100 grants to UAE students in Hungary, Szijjártó said.
Mansoori noted that UAE entrepreneurs are already present in Hungary, especially in the hotel business. He suggested that the two countries sign an agreement on promoting small and medium-sized businesses.