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Further Success in Hungarian-Egyptian Economic Relations

MTI-Hungary Today 2023.02.03.
Hungarian Foreign Minister Péter Szijjártó (R) and Egyptian Minister of International Cooperation Rania A. Al-Mashat

On Thursday, Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó received Egyptian Minister of International Cooperation Rania A. Al-Mashat in Budapest for talks ahead of the fourth Hungarian-Egyptian Joint Economic Committee meeting. The Hungarian-Egyptian Business Forum also took place on Thursday.

The largest ever Hungarian transport order will be further expanded after Egyptian National Railways (ENR) orders another 50 wagons from the Hungarian-owned Dunakeszi Vehicle Repair Plant (Dunakeszi Járműjavító), part of TMH Hungary Invest Zrt, in addition to the 1,300 wagons ordered so far, Péter Szijjártó announced. He stressed that 724 railway wagons have been delivered so far and 626 are still in production. This has now been supplemented by another 50 wagons, bringing the previous contract worth €1 billion to around €1.1 billion.

The Hungarian Foreign Minister said that the war in Ukraine has made reliable international cooperation even more important than before, and that this, along with mutual respect, has contributed to the significant successes achieved in the relationship between the two countries. In the latter context, he also said that last year, the Hungarian-Egyptian agricultural trade reached a record high, with an 80 percent increase in value, to almost 30 million dollars.

At the joint press conference with the Egyptian Minister for International Cooperation, Szijjártó pointed out that the most important area of cooperation is energy, as both countries are focusing on nuclear energy in the fields of security of supply and green transition. He emphasized that Hungary and Egypt are building new reactors with the same technology and contractor, which also means great opportunities for technical, scientific, and educational cooperation.

He also said that new sources of diversification should be sought in order to “allow Hungary to have a more extensive contractual relationship.” He mentioned that

Egypt is also a possible solution in this area, with liquefied natural gas currently available, but there are also plans to build an EU-supported gas pipeline to southern Europe.

Speaking at the Hungarian-Egyptian Business Forum, Szijjártó said that the conditions for successful economic cooperation between Hungary and Egypt are in place, which in addition to the successes achieved so far, offer new opportunities for companies from both countries.

He stressed that although the two countries are far apart and differ in many other respects, relations based on mutual respect have led to significant successes. The Hungarian Foreign Minister said that it was an important government task to ensure the conditions for successful economic cooperation, such as political, financial, and legal conditions.

Order of Merit Awarded to Bahraini Foreign Minister
Order of Merit Awarded to Bahraini Foreign Minister

Hungarian Foreign Minister Péter Szijjártó said that the Gulf region has become more valuable for global stability.Continue reading

Featured photos via MTI/Koszticsák Szilárd


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