President Sheikh Mohamed receives phone call from Hungarian PM

Leaders spoke about strengthening bilateral ties as well as regional and international issues of mutual concern

President Sheikh Mohamed and Hungarian Prime Minister Viktor Orban also discussed the importance of taking advantage of promising opportunities to attract investments. Photo: UAE Presidential Court

President Sheikh Mohamed on Tuesday received a phone call from Hungarian Prime Minister Viktor Orban.

During the call, the two leaders spoke about the bilateral ties between the UAE and Hungary and ways of strengthening them in all areas, particularly in trade, energy, renewables and technology, as part of an economic co-operation programme signed by the countries earlier this year.

They also discussed the importance of taking advantage of promising opportunities to attract investments within the framework of an agreement signed in July 2021 aimed at protecting and attracting investments, news agency Wam reported.

The agreement aims to enhance economic co-operation and create an ideal environment for investors that drives business initiatives and sustainable economic development.

Sheikh Mohamed and Mr Orban also exchanged views on several regional and international issues of mutual concern.

In February, the UAE and Hungary signed five preliminary agreements for economic co-operation on space research, commerce and industry, education, water management and boosting mutual investments.

The countries also agreed to develop economic co-operation programmes in nine main tracks to further boost their trade partnership.

The areas of co-operation include trade and investment, agriculture and food security, water management, energy and renewables, tourism and culture, logistics and supply, research and technology development, and space research, exploration and education.

The Emirates are Hungary's largest Arab trading partner, accounting for 22 per cent of the Central European country’s total trade with Arab nations in 2020, the UAE Ministry of Economy reported.

Last year, the value of non-oil foreign trade between the Emirates and Hungary amounted to Dh2 billion ($544 million), with a growth of 1 per cent compared with 2020 and 26 per cent compared with 2019, despite the pandemic.

The volume of mutual investments between the two countries amounted to about Dh4bn, the ministry said.