Wednesday 25 Dec
Dr. Rania Al-Mashat, Minister of Planning, EconomicDevelopment and International Cooperation, and Peter Szijjártó, Hungarian Foreign Minister, Chairman of the Joint Committee of Five Egyptian Hungarian Representatives, concluded the business forum, which was held at the General Authority for Investment, with the participation of 126 Egyptian and Hungarian companies involved in various investments. These companies represented sectors such as printing, information technology, agriculture, automotive, medicine, construction, food, oil and gas, timber, food, and water treatment.
In her speech, she emphasized the
substantial progress made in economic relations between Egypt and Hungary, encompassing
key sectors such as construction, information technology, food, water,
healthcare, finance, and banking. She highlighted that the partnership between
Egypt and Hungary has deep historical roots, dating back to the establishment
of diplomatic relations in 1928, making Egypt the first Arab country to do so.
This longstanding relationship reflects the enduring ties between our two
nations. The significant development in our joint relations is evident in the
convergence of visions between the leaders of the two countries and the mutual
visits, the most recent being the reception of President Abdel Fattah El-Sisi
for the President of Hungary during her first visit to Egypt last November.
El-Mashat noted that the merger of the Ministries of Planning and Economic Development and International Cooperation will have a positive effect on the significance of the joint committee between the two countries and will expand the scope of joint cooperation areas. This is particularly relevant in light of the ministry's efforts to enhance economic development policies, manage investment spending to create opportunities for the private sector, and encourage both local and foreign investments.
She emphasized the government's keenness to improve the investment climate and attract private investments in various sectors, particularly from European companies. This aligns with the strategic partnership between the two sides and the signing of the joint declaration to elevate the level of relations last March. This declaration provides investment guarantees worth 1.8 billion euros for private sector companies to strengthen their presence in the Egyptian market. European institutions, such as the European Bank for Reconstruction and Development and the European Investment Bank, are also involved in supporting these efforts. Additionally, grants provided by the European Union aim to reduce the cost of credit for the private sector.
The Minister highlighted the investment opportunities available to Hungarian companies in Egypt and partnerships with the Egyptian private sector, particularly in the fields of renewable energy, green hydrogen, industry localization, and capacity building. She noted the comprehensive economic and structural reform program that the government is implementing to enhance macroeconomic stability and support the flexibility of macroeconomic policies, thus creating a favorable environment for private sector companies.
She also touched on the convening of the fourth session of the joint Egyptian-Hungarian Committee for Economic Cooperation, which was held in Budapest in early 2023. This session witnessed discussions on a number of areas, such as renewable energy, agriculture, and healthcare. The Minister noted the preparations for the fifth session of the joint committee, scheduled for 2025. This upcoming meeting represents a significant step in developing joint economic relations between the two countries, addressing development challenges, and setting a future course for economic cooperation.
