Fri, 02 Oct 2020 - 02:45 GMT
Trade and Industry Minister, Nevine Gamea: File Photo
CAIRO - 2 October 2020: Egypt and Hungary agreed on bolstering the economic partnership and trade and industrial cooperation, a matter that will increase the volume of trade exchange between the two countries.
This came during talks held between Trade and Industry Minister Nevine Gamea and Hungarian Minister for Foreign Affairs and Trade Péter Szijjártó on Friday to probe means of enhancing economic cooperation.
Gamea stressed that Egypt's political leadership is keen on developing the economic, trade, and investment relations with Hungary and opening up new horizons for the Egyptian exports to tap into the markets of Hungary and Central and Eastern European Countries (CEECs).
The minister said the government welcomed luring more Hungarian capital and investments in the Egyptian market.
She added the ministry will communicate with the Federation of Egyptian Industries (FEI) to nominate a number of companies that are interested in cooperating with the Hungarian side to benefit from the financing programs offered by the Hungarian Export-Import Bank Plc. (Eximbank).
The talks tackled the possibility of setting up a Hungarian industrial zone in Egypt, she noted, noting that there is a large opportunity to establish joint projects in the fields of tourism, pharmaceuticals, IT, energy, health, railway, agriculture, textiles, and fertilizers.
In 2019, the volume of trade exchange between the two countries hit dlrs 354 million, against dlrs 266 million in 2018.
While, Egypt's exports to Hungary reached dlrs 171 million in 2019, compared to dlrs 140 million in 2018.
The minister also stated that the volume of the Hungarian investments in the Egyptian market records dlrs 41.5 million.
Meanwhile, Szijjártó said his country is keen on enhancing economic cooperation with Egypt as it is Hungary's most important economic partner in the Middle East and Africa.
Szijjártó also noted that Hungary's Export-Import Bank allocated 100 million euros to support establishing joint ventures in all industrial domains in the Egyptian market.
He pointed out that preparations are underway to hold the joint economic committee by the end of October, which provides a good opportunity to agree on more cooperation projects between Egypt and Hungary.