Rania Al-Mashat, Egypt's Minister of Planning, Economic Development, and International Cooperation, and Péter Szijjártó, Hungary's Minister of Foreign Affairs and Trade, concluded the Egyptian-Hungarian Joint Business Forum at the General Authority for Investment (GAFI). The forum, which saw the participation of 126 companies from both Egypt and Hungary, highlighted the growing economic relationship between the two countries. The forum, co-chaired by Al-Mashat and Szijjártó, aimed to facilitate collaborations across various sectors, including printing, IT, agriculture, automotive, pharmaceuticals, construction, food, oil and gas, wood, food and beverages, and water treatment. Al-Mashat highlighted the "marked progress" in economic relations between Egypt and Hungary, citing key areas of cooperation such as construction, IT, food, water, healthcare, finance, and banking. She underscored the long-standing ties between the two countries, noting that Egypt was the first Arab nation to establish diplomatic relations with Hungary in 1928. "This historical relationship has been strengthened through aligned leadership visions and reciprocal visits, the latest being President Abdel Fattah Al-Sisi's meeting with Hungary's president during her visit to Egypt in November 2023," she said. Al-Mashat emphasised the expanded scope of collaboration under the joint committee, particularly in light of the merger of the Ministry of Planning, Economic Development and International Cooperation. She pointed to the ministry's current efforts to promote economic development policies and manage investment spending to create opportunities for private sector growth and attract both local and foreign investments. The Minister outlined the government's commitment to improving the investment climate and attracting private investments, particularly from European companies. This commitment is underscored by the strategic partnership with the European Union, including a joint declaration signed in March 2024, which secured €1.8bn in investment guarantees for private sector businesses expanding in Egypt. This includes major European institutions such as the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB), with additional grants from the EU to reduce credit costs for the private sector. Al-Mashat also discussed key investment opportunities available to Hungarian companies, particularly in renewable energy, green hydrogen, and industrial localization. She referred to the government's efforts in the comprehensive economic and structural reform program to enhance macroeconomic stability and support macro-fiscal policies that can unlock more opportunities for private sector growth. The minister highlighted the successful fourth session of the Egyptian-Hungarian Joint Economic Committee, held in Budapest in early 2023. The session covered numerous areas of mutual interest, including renewable energy, agriculture, and healthcare. Preparations are already underway for the fifth session in 2025, which will mark a significant step forward in strengthening economic cooperation and tackling common development challenges. Al-Mashat stressed the importance of sustaining the momentum of the Egyptian-Hungarian Business Forum, with active participation from the private sectors in both countries. This is in line with Egypt's commitment to enhance bilateral ties and increase investments, thus increasing private sector engagement and fostering a competitive, investment-friendly economy. She also referred to the previously launched "Hub for Advisory, Finance & Investment for Enterprises", which provides financial and technical support to the private sector, aimed at connecting companies with a wide array of services from development partners, both financial and non-financial. The Egyptian-Hungarian Joint Committee holds special significance, reflecting the deep and historical ties between the two nations. One of the key achievements of this partnership is the agreement to supply Egypt with 1,350 Hungarian-manufactured railway cars, a testament to the enduring cooperation between both countries.
