The deal for the construction of 1,350 railroad cars is worth more than EUR 1 billion.Continue reading
On Monday, Minister for National Economy Márton Nagy and his delegation held talks with Minister of Transport Kamel al-Wazir and Minister of Trade and Industry Ahmed Samir on the flagship projects of Hungarian-Egyptian economic relations.
The Ministry for National Economy shared that the main topic of the talks was the major economic projects between the two countries and their progress. Márton Nagy stressed that Hungarian-Egyptian relations are continuously developing and are facing a fruitful future. The government’s aim is to broaden and deepen economic cooperation, and the meetings held in recent days show that there is a good chance of this.
He added that
the two countries currently have three joint flagship projects.
In the framework of the Hungarian-Egyptian economic cooperation, an agreement has been reached for the production of 1,350 railway wagons, of which 913 have already been delivered and 437 are currently under construction. The wagons will be built in Hungary and the project is worth more than EUR 1 billion.
Hungarian-made railway carriage produced for the Egyptian National Railways. Photo: Facebook/Dunakeszi Járműjavító Kft.
The cooperation between Telecom Egypt and the Hungarian 4iG will lead to the construction of a telecommunications submarine cable system between Egypt and Albania. The importance of the project is due to the fact that Egypt is currently the hub for submarine cables and data traffic between Africa, Asia, and Europe.
The new cable to Albania is a key strategic project for the whole Central and Eastern European region, opening up a number of new opportunities for development and investment through the new data route.
Márton Nagy on May 21 in Budapest. Photo via MTI/Szigetváry Zsolt
In addition, the giant El Sewedy is actively interested in building a new gas power plant in Hungary with Hungarian partners, which will further strengthen Hungary’s energy sovereignty and security of supply, the ministry said.
Nagy stressed that economic relations could be further expanded in the fields of agriculture, medical devices, research and development, and the infocommunications sector. He also welcomed the participation of Hungarian healthcare companies at the Africa Health ExCon international trade fair, opening in Cairo, capital of Egypt.
Via MTI, Featured image: Wikipedia