H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, together with Mr. Péter Szijjártó, Hungary’s Minister of Foreign Affairs and Trade, concluded the Egyptian-Hungarian Joint Business Forum at the General Authority for Investment (GAFI). Together, they co-chair the Egyptian-Hungarian Joint Committee. This event 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, H.E. Dr. Al-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. “This historical relationship has been strengthened through aligned leadership visions and reciprocal visits, the latest being H.E. President Abdel Fattah El-Sisi’s meeting with Hungary’s president during her visit to Egypt in November 2023,” she said.

Al-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.

Al-Mashat also discussed key investment opportunities available to Hungarian companies, particularly in renewable energy, green hydrogen, and industrial localization. H.E. 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.

H.E. Dr. Al-Mashat 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.

H.E. 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.

Moreover, H.E. Dr. Al-Mashat 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.