Budapest: Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, recently visited Hungary to engage in strategic discussions with both government and private sector officials to bolster trade and investment relations between the UAE and Hungary. During his official visit, Al Zeyoudi met with P©ter Szijj¡rt³, Hungary's Minister of Foreign Affairs and Foreign Trade, and Gergely Kar¡csony, the Mayor of Budapest. The meetings aimed at expanding trade relations and fostering partnerships that could stimulate economic growth in both nations.
According to Emirates News Agency, Al Zeyoudi expressed his enthusiasm about the growing trade connections, noting that the shared vision of both countries for sustainable development and innovation presents opportunities for collaboration. He highlighted the substantial growth in non-oil foreign trade, which reached US$793.7 million in 2024 and saw a 29.4% increase year-on-year in the first half of 2025, exceeding US$434.2 million.
During his visit, Al Zeyoudi attended a reception at the UAE Embassy in Budapest, hosted by Ambassador Saud Hamad Ghanem Hamad Al Shamsi. The event was attended by notable leaders from the Hungarian business community, including CEOs and directors from prominent companies. This visit follows a series of reciprocal trips by senior officials, including a UAE delegation's visit in July, where several agreements and memoranda of understanding were exchanged to boost cooperation in various sectors.
In 2024, an Economic Cooperation Agreement was signed between the UAE and Hungary to facilitate deeper ties in critical areas such as industry, commerce, investment, tourism, logistics, infrastructure, and real estate. This commitment was fortified by the creation of a joint committee to manage economic engagements and the signing of multiple Memoranda of Understanding, focusing on agriculture, space, and the establishment of the UAE-Hungary Business Council.
The recent discussions emphasized the mutual vision of both countries for sustainable economic growth and innovation, underlining the importance of increased trade, investment, and collaboration across key industries like renewable energy, technology, construction, and logistics. Both nations are optimistic about the potential for joint ventures and investments that would benefit their economies and strengthen private sector involvement.