Dubai, Hungary to enhance trade ties

Abdul Rahman Saif Al Ghurair, Chairman, Dubai Chamber of Commerce and Industry (DCCI), called upon Hungary to invest in Dubai’s lucrative market and to benefit from the Emirate’s status as a gateway to the region and its strategic connection to the Middle East, Asia and Africa. Al Ghurair was speaking during a reception hosted in honour of a high profile Hungarian governmental delegation headed by Laszlo Kover, Speaker of the National Assembly of Hungary, at Dubai Chamber Head Office on Thursday. The meeting was also attended by Rashid Humaid Ali Al Mazroei, Member of the Executive Committee, Dubai Chamber, and Janos Gyuris, Ambassador of Hungary to the UAE, as the two sides discussed ways of strengthening trade ties in various economic fields and areas of attractive investment opportunities between Dubai and Hungary. In his welcome address, Al Ghurair said that the visit serves Dubai Chamber of Commerce and Industry’s purpose of exploring emerging markets of the world, especially those from East Europe as he urged the visitors to strengthen their presence in Dubai by openning up a commercial office and participate in various international exhibitions and conferences held in Dubai from time to time. Besides opening up new channels of co-operation the visit will help both the sides to consolidate bilateral ties and to take them to a higher level by exploring lucrative investment sectors in Dubai and Hungary, said Al Ghurair. He further stressed that Dubai and Hungary enjoy excellent trade ties for some time now as the country ranked 29th on the list of Dubai’s top trading partners and that the Emirate is poised for an excellent trading relationship with Hungary in the long run. The Chairman of Dubai Chamber of Commerce and Industry emphasised that Dubai, over the years, has established itself as an international business hub with modern infrastructure, competitive business environment and unlimited Government support to the business community. He said that trade, including exports and re-exports, financial services, logistics and tourism are the driving forces of the Emirate’s economy and are the potential areas the Hungarian companies can benefit from. On his part, Laszlo Kover, Speaker of the National Assembly of Hungary, said that the United Arab Emirates is an important trading partner for Hungary in Asia adding that mutual trade between the two countries is around $2 billion annually which is due to Hungary’s exports to the UAE. He informed about the draft agreements on investment protection and dual taxation laws between the UAE and Hungary and expressed his desire to learn more about the Halal meat procedure from Dubai so that Hungary can raise its exports to the Emirate. The Speaker of the National Assembly of Hungary also called for the introduction of direct flights between Dubai and the Hungarian capital Budapest which he said will help boost the bilateral trade and tourism between the two sides as Hungary is a gateway to the European continent. Laszlo Kover highlighted the investment opportunities in his country stating that Hungary is an open country and welcomes foreign investment. Highlighting the areas of investment he said that sectors like tourism, especially medical tourism with mineral water treatments, infrastructure, sports projects, electronics manufacturing, technology and renewable energy offer excellent investment opportunities for global investors. Lawyer Ali Al Haddad, Chairman, Emirates Business Council, Hungary, informed that no doubt Hungary and UAE enjoy good bilateral ties but there are certain obstacles faced by UAE companies like unclear taxation law, financial and bank transactions with no clear and fixed fees structure which he said has to be looked into by Hungary to encourage UAE investments in the country. Established in 1965, the Dubai Chamber of Commerce and Industry is a non-profit public entity, whose mission is to represent, support and protect the interests of the business community in Dubai by creating a favorable business environment, supporting the development of business.