UAE-Hungary ties poised for further growth fuelled by tech, investment cooperation: Hungary FM
HAMAD AL KAABI AND MOHAMMAD GHAZAL (BUDAPEST)The mutual visits of the UAE and Hungary leaders have added momentum to the growing strategic relations between Abu Dhabi and Budapest, according to Hungary's Foreign Minister Péter Szijjártó. In an exclusive interview with Aletihad on the sidelines of President His Highness Sheikh Mohamed bin Zayed Al Nahyan's visit to Hungary, Péter Szijjártó said his country always regarded cooperation with the UAE as strategically significant. 'The visit of Prime Minister Viktor Orbán in January to Abu Dhabi has given a total new impetus to the relations. 'Since then, we have been witnessing a significant progress - particularly in the growing interest of UAE investors in Hungary and the intensification of trade between the two nations.' UAE investors have shown strong interest in sectors such as healthcare, real estate, energy, and tourism, he said. On the trade front, Hungary has exported more than 900 tonnes of cheese, 15 tonnes of pharmaceutical products, and 18 tonnes of honey to the UAE since January, the Foreign Minister said. Moving to broader trends, the Hungarian Foreign Minister highlighted the importance of adapting to the global technological transformation. 'We understand that the global economy is going through a huge technological revolution. This revolution is being built around the usage of AI and digital applications, so whoever is going to be the quickest and the most effective in utilising AI and digitalisation will be the successful actor in global politics and the global economy in the future. The UAE has been performing very well in these strategic sectors.' He added that the UAE's expertise in the tech sector is an asset for Hungary as it seeks to accelerate its own development. The UAE has always embraced the trends of the times – from the era of pearling to oil, and now to a diversified economy, the Foreign Minister said. 'Economic diversification gives us an opportunity to collaborate. We are also working to transition from a production-driven economy to one that is driven by research and development. For that, we need advanced technological capabilities and rapid adoption of digital and AI solutions – areas where the UAE is a global leader.' The Foreign Minister also pointed to the potential of a free trade agreement with the GCC countries, calling it key for future growth. Highlighting Hungary's investor-friendly climate, he said: 'We offer the lowest corporate tax rate in the European Union, with a single-digit corporate income tax. Hungary also provides a strategic location, and our 'one-stop shop' service for foreign direct investment makes it easy and efficient for investors to manage operations.' He added: 'We offer a wide range of incentives to investors, making Hungary an attractive destination.' The Minister emphasised Hungary's policy of economic neutrality and its proactive approach to attracting investment. 'We aim to bring the world's biggest companies to Hungary. We are heavily investing in creating a world-class business environment.' Looking ahead, he said: 'We look forward to welcoming more UAE investments. Investors from the UAE can count on the full support of our government and benefit from Hungary's favourable business climate.' Turning to regional and international developments, the Foreign Minister reaffirmed Hungary's support for the UAE's global peace campaign and its role as a stabilising force in the Middle East.
'We are grateful for the UAE's smart foreign policy, which has helped stabilise the region's security situation. We all know that instability in the Middle East can pose serious global security risks.'
The Hungarian Foreign Minister praised the UAE's diplomatic approach: 'I commend the smart and cool-headed foreign policy of the UAE led by the Foreign Minister, His Highness Sheikh Abdullah bin Zayed Al Nahyan, to ease tensions in the region.' Péter Szijjártó also underscored the importance of global partnerships in combating extremism and fostering peace.
'We must build alliances based on dialogue and mutual understanding. The UAE is at the forefront of these efforts. Mutual respect, trust, and diplomacy can bring lasting results for all.'
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