The actual cause of the ministerial visit to Hungary was to sign the Economic Cooperation Agreement between the two countries. Moreover, the composition of the largedelegation indicated that development and investment issues would be of great interest on both sides. Fields of research, development and innovation received a particular emphasis, since the United Arab Emirates, which is now ranked first among the Arab states and 35th worldwide in terms of innovation, aspires to raise the country into the top 20 most innovative nations through its National Innovation Strategy. To achieve this, R&D expenditures are planned to increase from the current rate of 0.5% (USD 3.8 billion) to 1.5% of its GDP, which would mean annual funds of USD 9 to 10 billion to be spent on research and development in the country.

According to Minister Al Mansouri, the strategy of the United Arab Emirates is primarily focused on renewable energy, transport, education, health, technology, water management and space industries as keys to excellence.

During the meeting, József Pálinkás expressed: we consider energy sector a major field of possible cooperation, but Hungarian research references in water management and healthcare may also seem obvious to seek interest from the United Arab Emirates. Though Hungary’s natural assets are completely different (lacking in fossil fuels, our supply is largely relies on nuclear energy), research of renewable energy stands high as worldwide priority, therefore this field may also become an important area of the bilateral S&T cooperation, he said. The parties agreed that, there could be 2 to 3 joint research and development projects subsidized in the first instance, the scientific elaboration and utilization of which would be of mutual interest.

The Economic Cooperation Agreement was signed by Hungarian Minister of Foreign Affairs and Trade Péter Szíjártó and U.A.E. Minister of Economy Sultan bin Saeed Al Mansouri on 15th September. This legal frame together with the decision on setting up a Joint Committee in Economic Cooperation will allow the parties to line out their collaboration principles along common priorities of innovation.