Sheikh Abdullah bin Zayed

Budapest, July 13 (MTI) – Hungary focuses on strengthening bilateral cooperation with countries of the Persian Gulf and Arab countries in general, Economy Minister Mihaly Varga said, after meeting Sheikh Abdullah bin Zayed, the foreign minister of the UAE, in Budapest on Wednesday.

The talks addressed economic relations between Hungary and the UAE and possibilities for cooperation, a statement from the Hungarian economy ministry said. Varga noted the 300 million euro credit line Eximbank has opened for boosting cooperation between businesses in Hungary and the UAE. Hungary will offer a favourable investment climate with a stable growth path, rising consumption and subdued inflation, Varga said.

Varga said there was a possibility of opening a food logistics hub in Hungary. Hungarian firms can engage in urban developments in the UAE, he added.

Hungary and the UAE established diplomatic relations in 1991, they signed an agreement to avoid double taxation in 2013 and recently set up a mixed economic committee between their countries, the ministry’s statement said.

Photo: MTI

Source: MTI

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