BUDAPEST, 15th September, 2015 (WAM) -- Sultan bin Saeed Al Mansouri, Minister of Economy, and his Hungarian counterpart, Mihaly Varga, have discussed prospects for cooperation in the areas of innovation, renewable energy, agriculture and food industries, and water resources management.

The meeting, which was held in the Hungarian capital, Budapest, during the visit of the UAE's economic, trade and investment delegation headed by Al-Mansouri, with the participation of a number of government officials, representatives of the private sector and the business community in the country, covered the opportunities and possibilities of investment cooperation and to enter into partnerships in some of sectors based on innovation, in addition to focusing on the necessity of activating cooperation between the private sectors in both countries and making efforts to increase the volume of trade exchange.

During the meeting, the two sides reviewed investment opportunities in all sectors and how to develop cooperation in the field of investment projects establishment by benefiting from the development of facilities available to encourage the private sector and businessmen in both countries to take advantage of the existing investment opportunities in the two countries.

Al Mansouri said that the UAE has strong and distinguished bilateral relations with Hungary at all levels, calling for the need to exploit these relations to develop economic and trade cooperation and increase the volume of trade exchange and strengthen cooperation in important vital sectors of the two countries. Al Mansouri also pointing out the importance of intensifying joint meetings between Emirati investors and investment component authorities in Hungary.

For his part, Mihaly Varga praised the strong relations between his country and the UAE in various economic private sectors, pointing out that there are many Hungarian companies that desire to enter the UAE market and gain access to the rest of the markets in the Middle East, especially in the areas of technology and renewable energy.

He added that his country is seeking to expand its trade relations with Middle Eastern countries that have become an essential pillar for the growth of the global economy, stressing that the UAE is the ideal gateway for Hungary to enter the regional markets due to its investment environment and its attractive infrastructure.

The meeting was attended by Osama Ibrahim Nafa'a, Ambassador of the Republic of Hungary to the UAE, and a number of senior officials from both the UAE and Hungarian Ministry of Economy.