Egypt and Hungary are actively pursuing enhanced economic and investment cooperation, as highlighted during the Egyptian-Hungarian Business Forum held in Cairo. The forum, attended by approximately 130 companies from both nations, convened alongside the preparatory meetings for the fifth session of the Egyptian-Hungarian Joint Committee for Economic, Scientific, and Technical Cooperation.
Egypt’s Minister of Planning, Dr. Rania Al-Mashat, emphasized the deepening partnership between the two countries, noting the growing trajectory of trade and investment relations in recent years. She urged Hungarian companies to explore Egypt’s promising investment landscape, particularly in sectors such as manufacturing and digital transformation. Al-Mashat also positioned the Suez Canal Economic Zone as a strategic gateway for Hungarian exports to the Middle East and African markets.
Echoing this sentiment, Eng. Hassan El-Khatib, Egypt’s Minister of Investment and Foreign Trade, who hosted the forum, emphasized its objective to explore significant cooperation opportunities in investment and trade, fostering lasting partnerships to drive economic growth in both Egypt and Hungary. He pointed to promising collaboration prospects in sectors including energy, the green economy, industry, technology, digital transformation, and healthcare.
Egypt attracts $46.6 billion in foreign direct investment in 2024, signaling increasing confidence in the Egyptian economy. Egypt has set ambitious future targets, including attracting $60 billion in FDI, achieving $145 billion in exports, and ensuring 65% of investments are private sector-led by 2030. El-Khatib underscored the strategic advantage of Egypt’s location, its young workforce, and developing infrastructure, coupled with Hungary’s innovation history and specialized expertise, creating a strong foundation for mutually beneficial and long-term success.
Hungarian Minister of Foreign Affairs and Trade, Mr. Péter Szijjártó, expressed his appreciation for the strong bilateral relations and emphasized the importance of enhancing economic and trade cooperation. He highlighted successful collaborations in transportation and communication, such as the Egyptian railway modernization project and the Egypt-Europe fiber optic cable. Szijjártó affirmed ongoing negotiations to strengthen cooperation in energy, agriculture, and water management, noting progress in new power plant construction projects in Egypt. He also lauded the growing people-to-people ties, including increased Egyptian students in Hungarian universities and expanded flight networks, contributing to stronger cultural and commercial links.
Dr. Rania Al-Mashat reiterated Egypt’s commitment to strengthening collaboration with international partners in sustainable development and infrastructure. She highlighted the Ministry’s efforts in implementing “Egypt Vision 2030” by attracting foreign investment and fostering public-private partnerships. The focus remains on accelerating economic reforms in cooperation with international institutions, ensuring financial sustainability for major projects, and improving citizens’ living standards. Al-Mashat emphasized the importance of sustainable economic growth, particularly in renewable energy, education, and health, and the Ministry’s continued implementation of economic policies that support innovation and enhance economic stability, underscoring the critical role of effective cooperation between the government and the private sector in achieving comprehensive development goals.
