The Abu Dhabi Chamber of Commerce and Industry has signed an agreement with the Hungarian Chamber of Commerce and Industry aiming to create investment opportunities for the private sector and promote cooperation.

The memorandum of understanding (MoU) was signed at the headquarters of the chamber, which was attended by Ibrahim Al Mahmoud, first deputy chairman of the Abu Dhabi Chamber of Commerce and Industry, and Frink Miklosi, first vice-president of the Hungarian Chamber, who is also heading of the visiting delegation, reported Emirates news agency Wam.

The delegation includes 20 representatives of 18 major Hungarian companies.

The meeting was also attended by Usamah Ibrahim Naffae, Ambassador of Hungary to the UAE, several members of the chamber’s board of directors, and Abdullah Ghareer Al Qubaisi, Deputy Director-General of the Chamber, as well as several businessmen and businesswomen.

The MoU affirms the commitment of both sides to reinforce the economic and commercial cooperation between the UAE and Hungary, through exchanging expertise, promoting commercial relations and discussing investment opportunities, as well as strengthening commercial and investment partnerships in various economic sectors.

Al Mahmoud highlighted the importance of developing economic ties between the two countries and reinforcing their commercial cooperation.

He added that the UAE has a strategic location, an excellent investment environment, purchasing power, and stable and encouraging markets that attract foreign investments while pointing out that Hungary is the UAE's gateway to Central Europe.

Miklosi praised the UAE’s overall development and noted that the bilateral ties between the UAE and Hungary have development recently while expressing his country’s hope of attracting international companies and investors from the UAE to invest in Hungary in the near future.

He also highlighted the importance of today's meeting to creating opportunities for cooperation between the business communities of both countries.