Péter Szijjártó, Minister of Foreign Affairs and Trader, said all the necessary agreements have been signed between Hungary and the United Arab Emirates on Budapest's Rákosrendező development project and the sides are to extend cooperation to new areas.

Before traveling to the UAE, Minister Szijjártó said the two countries were expected to soon see "a breakthrough" in their bilateral ties as a result of the agreements which will result in the creation of a highly new modern city area in the current underdeveloped Rákosrendező area of Budapest.

"The necessary agreements have been finalized and cooperation could now be extended to new areas," Minister Szijjártó said.

The foreign minister said the two countries would sign a defense industry cooperation agreement in Abu Dhabi because the UAE was making significant efforts towards innovation and the development of its defense industry.

Minister Szijjártó added that progress was also being made in cooperation with the food industry. Hungary, he noted, has become one of the main cheese exporters from Europe, with the total volume of cheese exports expected to reach 1,000 tonnes this year.

"There are also great prospects in digital developments. Thanks to this, a digital cluster comprised of 16 Hungarian companies has been established in the Gulf area and a Hungarian company is already providing cashless payment services in large music and cultural festivals," he said.

Minister Szijjártó added that strategic cooperation was also being developed in the area of energy, with Mol and MVM having started strategic talks with local partners about cooperation in renewable and fossil energy.