The Sharjah Chamber of Commerce and Industry (SCCI) held discussions with an official and trade delegation from Hungary on ways to develop economic relations, as well as enhance bilateral cooperation and mutual exchange in different sectors between the business communities in the UAE and Hungary.

The discussions occurred during a business forum that was organized by the SCCIat its headquarters on Thursday, in the presence of HE Waleed AbdelRahman BuKhatir, Second Vice Chairman of the SCCI; and Frink Miklosi, First Vice-President of the Hungarian Chamber, as well as the visiting delegation that includes officials and businesspeople representing 19 public and private enterprises.

The forum was also attended by the board members of the SCCI including HE Dr. Sultan Mohamed Hussain Al Mulla, HE Ahmed Mohamed Obaid Al Naboodah, and HE Nasir Musabeh Ahmed Al Tunaiji; as well as HE Mohamed Ahmed Amin, Acting Director-General of the SCCI, and a number of directors from the Sharjah chamber, in addition to Mohammed Al Musharrakh, CEO at Sharjah FDI Office - invest in Sharjah; and Thomas Joseph, Business development Manager at the Sharjah Airport International Free Zone Authority (SAIF-Zone). The forum was also attended by representatives of various governmental bodies in the emirate.

HE Waleed AbdelRahman BuKhatir, Second Vice Chairman of the SCCI, stated that the SCCI is keen to develop the economic and trade relations between Sharjah and Hungary, especially in the framework of the existing friendly relations between the UAE and Hungary, which are built on common fundamental interests related to the promotion of security, stability, prosperity, tolerance and mutual respect.

BuKhatir reviewed the investment opportunities available in various sectors in Sharjah, as well as the advantages, incentives and the business-friendly environment that the emirate provides to businesspeople in order to achieve comprehensive development and build a modern and sustainable economy that is based on knowledge, creativity and innovation, which has led to its leading status on the global trade arena.

BuKhatir stated that the chamber welcomes Hungarian businesspeople that are seeking to establish their businesses in Sharjah, as part of its strategic plan to attract investments, increase capital flow in the emirate and raise its competitive edge globally.

HE Frink Miklosi, First Vice-President of the Hungarian Chamber, stressed that his country is keen to develop its relations with the UAE and move it forward towards more growth in various fields and sectors. He stated that the Hungarian Chamber seeks to build the best relations with its counterpart in Sharjah in order to double the volume of trade between Sharjah and Hungary, as well as to encourage Emirati businesspeople to invest in Hungary.

The events of the forum witnessed a number of promotional presentations, including a presentation headed by Mohammed Al Musharrakh, CEO at Sharjah FDI Office - invest in Sharjah, who showcased the emirate’s economic advantages and various investment opportunities, while also highlighting the emirate’s business-friendly environment that offers incentives and facilities to businesspeople, as well as its cultural and artistic attributes and its low cost of living, which has made the emirate one of the most attractive and fastest growing business destinations in the region.

Thomas Joseph, Business development Manager at the Sharjah Airport International Free Zone Authority (SAIF-Zone), showcased the unique advantages that the SAIF zone offers to foreign investors and companies, which has made it a prominent location for doing business globally. Some of the most prominent advantages include 100% foreign ownership, 100% repatriation of capital and profits, 100% free transfer of funds, along with exemptions from personal and corporate income tax. The free zone is also strategically located next to Sharjah International airport, giving access to a market of 2 billion people less than a four-hour flight away and making it a gateway to global business for more than 6,500 companies from 160 countries.

The forum, which was organized by the chamber’s investor department and Information Centre, in cooperation with the Department of International Relations at the SCCI, witnessed a number of bilateral meetings between representatives of the Sectoral Business Group that operate under the umbrella of the SCCI and Hungarian businesspeople.

The volume of UAE’s non-oil imports from Hungary is equal to $253 million, while the country's exports to Hungary have reached $15 million. Meanwhile, the volume of direct Hungarian investments in the UAE are equal to $19.4 million. Some of the most important commodities imported by the UAE from Hungary include electric appliances, telephones, and gas turbines. The most important re-exports from the UAE to Hungary include electrical appliances and electrical transformers among others.