Hungary sets Dh277.3m for Expo
dubai — Hungary will spend about Dh277.3 million for the six-monthlong Expo 2020 Dubai, as well as increase bilateral trade with the help of a multi-billion-dirham credit line for entities of the UAE and the central European country, a Hungarian minister said.
“Eximbank has opened a $630 million [Dh2.31 billion] credit line to facilitate cooperation between enterprises from Hungary and the Emirates. We have also agreed on the text of the investment protection agreement, and just one issue remains to be resolved before it can be signed,” said Péter Szijjártó, Hungary’s Minister of Foreign Affairs and Trade.
The Hungarian government has earmarked 21 billion forints (€66.8 million, Dh277.3 million) for the country’s participation in the Expo, Szijjártó said, speaking at the second session of the Hungary-UAE Joint Economic Committee in Budapest.
“The central topic of Hungary’s presentation will be water, and the government expects Hungarian water management technologies to enter the market in the UAE as a result of its presence at the Expo,” he said in a report quoted by Hungary’s MTI news agency.
Sultan bin Saeed Al Mansouri, UAE Minister of Economy, attended the meeting in Budapest and said cooperation will be tightened in the fields of renewable energy sources, genetically-modified organism-free food industry products, and the development of autonomous vehicles. Al Mansouri said entrepreneurs from the UAE have already invested in Hungary’s hotel industry, and see further opportunities in developing tourism relations, for instance within the field of health tourism.
“There is a need for private enterprises to also appear in new fields. Appearing at the Dubai Expo in 2020 is a major opportunity for Hungary and for Hungarian enterprises,” he stressed. Reflecting growing ties between the two countries, the UAE opened an embassy in Budapest in January 2019.
Szijjártó said he is expecting to see an increase in tourism traffic between the two countries in view of the fact that following Emirates, Wizz Air and flydubai will also be launching a direct air passenger service between Dubai and Budapest in June.
“Last year, trade flow between the two countries increased by 14 per cent to exceed $240 million. In the interests of reinforcing interbusiness relations, the Hungarian Chamber of Commerce and Industry has proposed the setting up of a business council,” Szijjártó added.
He also pointed out that preparation for an agreement is also in its final stage for 100 scholarships for students from the UAE to study at Hungarian universities.
Starting from October 20, 2020, the exhibition will host 190 country pavilions for 173 with 25 million visitors expected to visit the expo. Recently, France, Azerbaijan, Belgium, the United States, Monaco and other countries released updates about their Expo 2020 pavilions and details about participation.
There is a need for private enterprises to appear in new fields. Appearing at the Dubai Expo in 2020 is a major opportunity for Hungary and their enterprises Sultan bin Saeed Al Mansouri,
UAE Minister of Economy