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Emirates Business Council opens in Budapest

The United Arab Emirates (UAE) has opened an office in Hungary to support investments and closer economic cooperation between the two countries.

The Emirates Business Council (EBC) will provide consulting services on opportunities in the region free of charge for big companies and SMEs alike, EBC head Ali Sultan Al Haddad said at a press conference in Budapest on Wednesday. The UAE should be especially attractive to Hungarian investors as the federation's seven members have no income or profit tax, he added.

The EBC is operated by the EBC office in Dubai and has a partnership with the government of Dubai under which it ensures information for companies and people in business. The Budapest office is at the same time the official trade representative of the government of Dubai.

EBC communications director Zsolt Erczy said the council plans to expand in the Central and Eastern European region later.

Hungarian exports to the UAE rose to HUF 143.4 billion in 2009 from HUF 105.8 billion a year earlier, data from the Central Statistical Office (KSH) shows. The value of imports from the UAE fell to HUF 7.5 billion from HUF 13.1 billion during the same period. (MTI-Econews)