MoUs signing at the conclusion of the Egyptian-Hungarian Business Forum in Cairo, Egypt on February 23, 2022.
CAIRO – 24 February 2022: Egypt and Hungary signed Wednesday two MoUs to boost exchanging trade and investment, at the Egyptian-Hungarian Business Forum that took place in Cairo on February 22-23.
An MoU was signed between Chairman of the General Authority for Investment and Free Zones (GAFI) Mohamed Abdel Wahab, and Chairman of the Hungarian Export-Import Bank Plc. (Eximbank) Gergely Jákli.
The MoU sets an executive framework for bolstering joint cooperation as GAFI will provide the Hungarian side with the information pertinent to the business ecosystem, investment laws and regulations, and investment opportunities in sectors of priority. That is in addition to organizing visits for members of the Hungarian business community to Egypt.
Eximbank will also promote investment opportunities in Egypt, and the services offered by GAFI. Further, it will connect Hungarian businesses with GAFI, and studies funding the prospective investments of those businesses in Egypt, whether established independently or in partnership with Egyptian companies. Similarly, Eximbank will study funding potential Egyptian investments in Hungary, and acquaints GAFI periodically with the products it offers to investors.
The other MoU was signed by Minister of Trade and Industry Nevine Gamea, and Hungarian minister of Foreign Affairs and Trade Peter Szijjarto to compose a subcommittee, of the Egyptian-Hungarian Committee for Economic, Scientific, and Technical Cooperation, for trade and industry.
Minister Szijjarto stressed the strong bilateral relations, and said that the most promising partnership opportunities are in the sectors of information technology, water, health, pharmaceuticals, food industries, energy, and construction materials. The minister also pointed out that support has been given to existing and new Hungarian investments in Egypt.