Wednesday, May 5, 2010

UAE-Hungarian trade activities get boost with establishment of Emirates Business Council

UAE-Hungarian trade activities get boost with establishment of Emirates Business Council

Hungarian exports in 2009 valued at USD 95 billion while imports amount to USD 94.9 billion

Emirates Business Council (EBC) – Hungary, established to provide investors from Hungary with information services about business and trade opportunities in the UAE, has revealed that an increasing number of Hungarian business organisations and investors are now targeting the UAE as a new destination for trade and foreign direct investments, particularly in areas such as manufacturing, services and fuels and electric energy. Foreign trade has been a key revenue source in Hungary, even as the country’s exports in 2009 reached USD 95 billion worth of products and services, while imports were valued at USD 94.9 billion.

The UAE's favourable geographic location and proximity to Hungary are key strategic advantages that have made the country an attractive destination for Hungarian investors, according to EBC. Furthermore, the establishment of EBC's pioneering market research, trade information, and branding, financial and legal advisory services have made it easier for Hungarian investors to identify lucrative prospects and facilitate investment activities in the UAE.

Ali Sultan Ali Al Haddad, Consultant of Emirates Business Council, said: "The UAE has become a highly attractive destination for Hungarian investors because of the country's business-friendly environment. The establishment of the Emirates Business Council has been particularly helpful in boosting trade relations by highlighting the excellent, long-term trade and investment opportunities in the UAE, particularly in areas such as manufacturing, services and energy. Furthermore, we are keen to directly provide the right information to the people concerned, and we are confident that a greater number of trade and business opportunities will be created as we accordingly expand our trade information services in Hungary.”

“Looking ahead, our focus will be to contribute to the commencement of direct flights between the UAE and Hungary; facilitating visits for government and private trade delegations between the two countries; and encouraging participation in the various trade exhibitions held in the UAE. We believe that these efforts will further strengthen mutual economic relations and commercial activities,” he added.

EBC further revealed that UAE investors will find a wealth of investment prospects in a wide range of industries in Hungary, which is regarded as a popular destination for foreign direct investments in Europe. Illustrating the excellent investment climate in Hungary, EBC pointed out that the country has attracted up to 60 billion Euros in foreign direct investments, the highest per capita rate in the Central-Eastern European region.

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