BUDAPEST — The UAE and the Republic of Hungary on Wednesday signed an economic and technical cooperation agreement aimed at placing an institutional and legal framework for bilateral relations especially in the economic trade and investment fields. The agreement was signed in Budapest by Minister of Economy Sultan bin Saeed Al Mansouri and Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto in the presence of Mohammed Ahmed bin Abdul Aziz Al Shehhi, Under-Secretary at the UAE Ministry of Economy for Economic Affairs Osama Ibrahim Nafa'a Ambassador of Hungary to the UAE members of the UAE delegation and a number of ministers and senior officials from the Hungarian government. The agreement will work to establish a joint economic committee promote cooperation in the fields of scientific research and training for small and medium-sized enterprises and establish joint ventures in a number of sectors including trade industry tourism and agriculture. Speaking on the occasion, Al Mansouri stressed the importance of the agreement saying that it establishes a new phase of cooperation relations between the UAE and Hungary aimed at particularly boosting economic and trade cooperation in the interest of both countries and their peoples. Al Mansouri also said that the formation of a joint economic committee will enhance the opportunities for joint economic cooperation and focus on highlighting available investment opportunities from both sides. Additionally the committee will strengthen ties between business communities in both countries to serve common development goals. The minister added that the committee will strive to enhance communication between both sides through encouraging the participation of businessmen and entrepreneurs in events and economic forums being held in both countries promote the cooperation of small and medium-sized companies and will evaluate proposals on investment projects. — SG/WAM
