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Al Etihad
17 hours ago
- Business
- Al Etihad
UAE-Hungary ties poised for further growth fuelled by tech, investment cooperation: Hungary FM
20 July 2025 22:58 HAMAD AL KAABI AND MOHAMMAD GHAZAL (BUDAPEST)The mutual visits of the UAE and Hungary leaders have added momentum to the growing strategic relations between Abu Dhabi and Budapest, according to Hungary's Foreign Minister Péter Szijjártó. In an exclusive interview with Aletihad on the sidelines of President His Highness Sheikh Mohamed bin Zayed Al Nahyan's visit to Hungary, Péter Szijjártó said his country always regarded cooperation with the UAE as strategically significant. 'The visit of Prime Minister Viktor Orbán in January to Abu Dhabi has given a total new impetus to the relations. 'Since then, we have been witnessing a significant progress - particularly in the growing interest of UAE investors in Hungary and the intensification of trade between the two nations.' UAE investors have shown strong interest in sectors such as healthcare, real estate, energy, and tourism, he said. On the trade front, Hungary has exported more than 900 tonnes of cheese, 15 tonnes of pharmaceutical products, and 18 tonnes of honey to the UAE since January, the Foreign Minister said. Moving to broader trends, the Hungarian Foreign Minister highlighted the importance of adapting to the global technological transformation. 'We understand that the global economy is going through a huge technological revolution. This revolution is being built around the usage of AI and digital applications, so whoever is going to be the quickest and the most effective in utilising AI and digitalisation will be the successful actor in global politics and the global economy in the future. The UAE has been performing very well in these strategic sectors.' He added that the UAE's expertise in the tech sector is an asset for Hungary as it seeks to accelerate its own development. The UAE has always embraced the trends of the times – from the era of pearling to oil, and now to a diversified economy, the Foreign Minister said. 'Economic diversification gives us an opportunity to collaborate. We are also working to transition from a production-driven economy to one that is driven by research and development. For that, we need advanced technological capabilities and rapid adoption of digital and AI solutions – areas where the UAE is a global leader.' The Foreign Minister also pointed to the potential of a free trade agreement with the GCC countries, calling it key for future growth. Highlighting Hungary's investor-friendly climate, he said: 'We offer the lowest corporate tax rate in the European Union, with a single-digit corporate income tax. Hungary also provides a strategic location, and our 'one-stop shop' service for foreign direct investment makes it easy and efficient for investors to manage operations.' He added: 'We offer a wide range of incentives to investors, making Hungary an attractive destination.' The Minister emphasised Hungary's policy of economic neutrality and its proactive approach to attracting investment. 'We aim to bring the world's biggest companies to Hungary. We are heavily investing in creating a world-class business environment.' Looking ahead, he said: 'We look forward to welcoming more UAE investments. Investors from the UAE can count on the full support of our government and benefit from Hungary's favourable business climate.' Turning to regional and international developments, the Foreign Minister reaffirmed Hungary's support for the UAE's global peace campaign and its role as a stabilising force in the Middle East. 'We are grateful for the UAE's smart foreign policy, which has helped stabilise the region's security situation. We all know that instability in the Middle East can pose serious global security risks.' The Hungarian Foreign Minister praised the UAE's diplomatic approach: 'I commend the smart and cool-headed foreign policy of the UAE led by the Foreign Minister, His Highness Sheikh Abdullah bin Zayed Al Nahyan, to ease tensions in the region.' Péter Szijjártó also underscored the importance of global partnerships in combating extremism and fostering peace. 'We must build alliances based on dialogue and mutual understanding. The UAE is at the forefront of these efforts. Mutual respect, trust, and diplomacy can bring lasting results for all.'
Al Etihad
01-05-2025
- Business
- Al Etihad
Lebanon President: Beirut's ties with UAE returning to their natural state
2 May 2025 00:42 HAMAD AL KAABI (ABU DHABI)Joseph Aoun, President of the Republic of Lebanon, affirmed that the fraternal relations between the UAE and Lebanon are on track to return to their natural state and noted that his meeting with President His Highness Sheikh Mohamed bin Zayed Al Nahyan 'exceeded expectations.'President Aoun highlighted His Highness' reaffirmation of the UAE's supportive stance towards strengthening Lebanon's state institutions in safeguarding the nation's sovereignty, security and stability, as well as the UAE's support for Lebanon's unity and territorial integrity. He considered this stance a testament to the deep-rooted and historical fraternal relations between the two the Lebanese President noted that the UAE is home to around 190,000 Lebanese residents who play an active role in strengthening bilateral ties. He praised the attention and care they receive in the UAE, reflecting the mutual respect and strong bonds of affection between the two brotherly Aoun's remarks came during a meeting with editors-in-chief of local newspapers, held on the sidelines of his official visit to the UAE. The visit included high-level discussions with His Highness Sheikh Mohamed bin Zayed at Qasr Al Shati in Abu response to a question from Aletihad during the meeting, President Aoun revealed that the coming period will witness new economic legislative reforms, particularly following the recent approval of the Banking Reform Law in Lebanon. This will be followed by a law addressing the financial gap, in addition to several upcoming security, judicial and economic reaffirmed his administration's commitment to continue with the reform agenda that the government has already begun implementing. These reforms aim to achieve economic recovery and growth. He stated that both political and security efforts are progressing towards stability and that extensive work is being done to improve economic and living conditions through a comprehensive package of structural Aoun expressed optimism regarding the agreements Lebanon has signed with the World Bank and noted that the country is close to finalising a deal with the International Monetary Fund. This follows the recent visit of a Lebanese ministerial delegation to IMF and World Bank meetings in Washington, which he described as President also addressed the issue of depositors' funds in Lebanese banks, reiterating that the law will be applied equally to both Lebanese and non-Lebanese depositors in ensuring accountability. He also expressed hope for the return of gas exploration companies under the existing agreements, especially following the completion of maritime border outlined the accomplishments achieved in recent weeks, despite the prevailing challenges, in the current government's term of less than 100 days. He described these achievements as reasonable and measured, emphasising his administration's resolve to advance Lebanon towards a new phase of progress, development, and President noted that Lebanon's security situation is under control and, in fact, better than in many other countries, despite what he described as 'a suffocating financial crisis', exacerbated by the presence of around one million Syrian refugees in addition to Palestinian camps. He commended the strong efforts of the Lebanese security agencies, which are operating with great this regard, he praised the Lebanese Army for its tremendous efforts, noting that its operations are ongoing south of the Litani River despite geographical challenges and limited he did not elaborate on the issue of Hezbollah's arms north and south of the Litani River, he acknowledged the immense burden carried by the Lebanese Army and said the current focus is on defusing the threat of war in the south. President Aoun stated that the decision to confine weapons to the state has already been taken - but through dialogue and addressing concerns, not through force that could lead to civil war, which he categorically rejected under any circumstances.
