Trade exchange bet. Egypt, Hungary hits $260M in 2018



Thu, 19 Sep 2019 - 02:41 GMT


Thu, 19 Sep 2019 - 02:41 GMT

FILE - Exports

FILE - Exports

CAIRO - 19 September 2019: Trade exchange between Egypt and Hungary recorded $260 million in 2018, according to Ministry of Trade and Industry.

The ministry added on Sept. 19 that the Egyptian exports hit $140 million, while imports reached $120 million during 2018, clarifying that the trade balance surplus logged $20.3 million.

The ministry also announced that the most important items of Egyptian exports to Hungary are electrical appliances, vegetables, seeds, ceramics, plastics, and fertilizers, stating that the most important imports are machinery, equipment, electrical appliances and organic chemicals.

Moreover, it affirmed that there are great opportunities to enhance joint economic cooperation between Egypt and Hungary, especially in the industrial sectors.

It further stressed that the importance of stimulating business circles in both countries to take advantage of trade and investment opportunities and access regional markets, especially as Egypt is a major hub for the Middle East and North Africa's markets and Hungary is a gateway to the markets of the European Union countries.

"The Egyptian-Hungarian Business Forum is an important platform for reviewing opportunities for joint economic cooperation and translating all initiatives into concrete projects that serve both Egyptian and Hungarian economists," the ministry said at the Egyptian-Hungarian Business Forum.

It added that that the forum contributes to strengthening the partnerships between the Egyptian and Hungarian business communities in all fields of trade, industry and investment.

The ministry also pointed to the pivotal role of the private sector in both countries in achieving economic development, creating job opportunities and adding value to the national economy, referring to its keenness to provide full support to the Hungarian business circles to take advantage of the opportunities available in the Egyptian economy.

"The ministry has taken concrete steps to enhance industrial cooperation and technology transfer with various partners at the regional and global levels," it stated, clarifying that it is currently preparing a national industrial strategy that includes the establishment of a number of industrial clusters in various governorates of the republic.

The ministry also called for exerting concerted efforts to enhance economic and trade cooperation between Egypt and Hungary in the coming phase, stressing the importance of reachingdeals and agreeing on concrete cooperation projects between the business communities of the two countries during the business forum.

For his part, Hungarian Minister for Parliamentary Affairs Levente Magyar affirmed the strength of the historical and strategic relations between Egypt and Hungary in various political and economic fields.

Magyar affirmed the importance of exerting more joint efforts to strengthen relations between business communities of the two countries in preparation for the kick-off of joint projects and pumping new investments in both countries.

Magyar added that there are partnerships between Egyptian and Hungarian companies in several areas, led by the 100-year cooperation between the Egyptian companies and the Hungarian company Tongsram.

He pointed out that the Hungarian government supports trade and investment partnerships with Egypt as a pivotal country in the Middle East and Africa, and backsthe political and economic reform efforts currently being implemented by the Egyptian Government.



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