Dr. Rania A. Al-Mashat, the Minister of Planning, Economic Development, and International Co-operation, together with Péter Szijjártó, Hungary’s Minister of Foreign Affairs and Trade, concluded the Egyptian-Hungarian Joint Business Forum at the General Authority for Investment (GAFI).
They co-chaired the Egyptian-Hungarian Joint Committee which saw the participation of 126 companies from both Egypt and Hungary across a diverse range of sectors, including printing, IT, agriculture, automotive, pharmaceuticals, construction, food, oil and gas, wood, food and beverages, and water treatment.
In her remarks, Mashat stressed the marked progress in economic relations between Egypt and Hungary, with key areas of cooperation such as construction, IT, food, water, healthcare, finance, and banking. She highlighted that Egypt was the first Arab nation to establish diplomatic relations with Hungary in 1928, underlining the long-standing ties between the two countries.
Mashat pointed out that the merger of the Ministry of Planning, Economic Development and International Cooperation will further expand the scope of collaboration under the joint committee, especially given the ministry’s current efforts to promote economic development policies and manage investment spending to open up opportunities for private sector growth and attract both local and foreign investments.
The Minister added that the government is committed to improving the investment climate and attracting private investments, particularly from European companies. This is in light of the strategic partnership with the European Union, including the joint declaration signed in March 2024, which secured €1.8 billion 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.
Mashat also discussed key investment opportunities available to Hungarian companies, particularly in renewable energy, green hydrogen, and industrial localization. The minister 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.
She also emphasized 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.
Source: The Egyptian Gazette
