Hungary FM in Talks with UAE Counterpart + Video

The Arab country's economy minister visits Budapest to broaden bilateral relations.

Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto (right) receives United Arab Emirates Economy Minister Abdulla bin Tuk am-Marri in his office on June 20, 2024 (Photo: MTI/Tamas Purger)

"Hungary and the United Arab Emirates have benefited greatly from bilateral cooperation so far, and both parties are ready to further develop their relations," hosting Minister of Foreign Affairs and Trade Peter Szijjarto said in Budapest on Thursday. According to the ministry's statement at a joint press conference with UAE Economy Minister Abdullah bin Tuk al-Marri, bilateral trade turnover grew by eight percent last year, and so far this year Hungarian exports have increased by another 18 percent, which shows that the market entry of domestic companies in the Middle Eastern country is becoming increasingly more successful.

In this context, he welcomed the signing of an agricultural cooperation agreement, which could create further opportunities for the export of Hungarian food products and technologies to the UAE. The breadth of cooperation is demonstrated by the fact that the two countries have also signed an agreement in the field of space research, which will help to internationalize the Hungarian space program.

The Hungarian minister also touched on the flagship project of building a new district around the Rakosrendezo railway station, which he said will give a new impetus to the development of Budapest.

"A new, modern, green, sustainable neighborhood will be built around the railway station in Rakosrendezo, where today there is an abandoned decaying industrial site. We will revitalize this area and give it back to the people of Budapest, to the Hungarian people. A new, complex, multi-facet area with sports, tourism, residential, economic and business functions will be created there," he said. "The preparatory works for the public procurement of the site's zoning and remediation works are already underway (...) The aim is to be able to hand over the site to the developer in a condition suitable for development in September this year ," he added.

Szijjarto underlined that energy demand is growing along with the growth of the world economy, and this process will only accelerate in the coming period. "And the answer to the question of how this can be served in an environmentally friendly, efficient and cheap way is clearly nuclear energy," he stated.

To this end, he said, they also agreed to bolster research, certain branches of expertise, educational and training cooperation between the two countries to a higher level and to work together to combat negative discrimination against nuclear energy. "Hungary has done very well thus far through cooperation with the UAE, and we will continue to develop this cooperation further," he said.

The Hungarian government member also pointed out that humanity is now living in an era of threats, the world is facing a number of serious security challenges, which is pushing international politics towards a revival of bloc-building. He stressed that this trend is in sharp contrast to the interests of Hungary, and the government would instead rather see the strengthening of connectivity. "There are security crises in the immediate vicinity of both countries, and we are both states that want peace, but instead of merely wanting peace, we also talk about the importance of peace and we act to achieve it," he stressed, expressing Hungary's appreciation for "the UAE's wise, restrained, moderate and responsible behavior in playing a very important stabilising role in the Middle East." 

He also touched upon the extreme economic difficulties caused by war conflicts, and noted that the establishment of peace and the end of armed conflicts is also a very serious economic interest. He cited as an example the important consequence of the Gaza crisis, which has put commercial shipping in the Red Sea at risk from terrorist attacks.

"This is another phenomenon that could have a price-driving effect on the European economy, because longer transport routes and times and higher transport costs all lead to price increases and economic difficulties," he said. "We appreciate the efforts of the UAE and the countries of the region to restore freedom and security of maritime trade in the Red Sea, which is an unequivocal European and Hungarian interest," he added.

Cover photo: Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto (right) receives United Arab Emirates Economy Minister Abdulla bin Tuk am-Marri in his office on June 20, 2024 (Photo: MTI/Tamas Purger)