UAE and Hungary to strengthen bilateral trade, investment ties

Dr. Thani Bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, embarked on an official visit to Hungary, engaging in productive discussions with key Hungarian government and private sector officials to enhance trade, investment, and private sector collaboration between the two nations.

Al Zeyoudi held high-level meetings with Péter Szijjártó, Minister of Foreign Affairs and Foreign Trade of Hungary and Gergely Karácsony, the Mayor of Budapest. Together, they explored avenues for expanding trade relations and fostering private sector partnerships that will drive economic growth in both countries.

Highlighting growing UAE-Hungary trade ties, Al Zeyoudi remarked: “It is a pleasure to once again visit Hungary. Our shared vision for sustainable development and innovation creates exciting opportunities for collaboration so that we can strengthen our economic relationship. Our partnership has already witnessed significant growth in recent years, with non-oil foreign trade reaching US$793.7 million in 2024 and exceeding US$434.2 million in the first half of 2025 - a notable 29.4% increase year-on-year. Moving forward, we are well-positioned to build on this momentum.”

As part of his visit, Al Zeyoudi also attended a reception at the Embassy of the United Arab Emirates in Budapest. Hosted by Ambassador Saud Hamad Ghanem Hamad Al Shamsi, attendees included leaders from the Hungarian business community. Among those present were Bálint Lévai, CEO of BiotechUSA; Gábor Bürchner, Investment Director at GB Partners; Tamás Szauer, CEO of HVG Media; Balázs Gellért, co-owner of Naturtex; Andor Nagy, CEO of Dentons Hungary; Dr. József Varga, CEO of Tolnagro; and László Breier, co-founder of CBA’s chain affiliates.

Al Zeyoudi’s visit follows a number of reciprocal trips by senior officials in recent years, including a visit by UAE leaders in July of this year. During that visit, leaders from both nations witnessed the exchange of several agreements and memoranda of understanding between the two countries, aimed at expanding avenues of cooperation across a range of development sectors.

In 2024, the UAE and Hungary took significant strides to enhance their economic relations by signing an Economic Cooperation Agreement, with the aim to facilitate deeper ties across crucial sectors, including industry, commerce, investment, tourism, logistics, infrastructure, and real estate.

The commitment was further strengthened by the establishment of a joint committee to oversee economic engagements between the two nations. Additionally, multiple Memoranda of Understanding (MoUs) have previously been signed, covering areas such as agriculture, space, and the establishment of the UAE-Hungary Business Council.

The discussions during Al Zeyoudi's recent visit underscored the shared vision of both nations to drive sustainable economic growth and innovation, emphasizing the need for increased trade, investment, and collaboration in vital industries including renewable energy, technology, construction, and logistics. Both sides expressed optimism about the potential for joint ventures and investments that would benefit their economies and enhance private sector engagement.

WAM