Minister of Trade and Industry Nivine Gamaa probed during a meeting here Thursday with the new Hungarian ambassador to Egypt means of bolstering bilateral ties in the economic domain.
Talks also took up ways of promoting cooperation in the industrial sphere, as well as benefiting from the Hungarian expertise in the engineering industry sector, as well as the railway domain.
Gamaa highlighted prospects of bilateral cooperation in the various fields, saying that the meeting also touched upon ongoing preparations for Foreign Minster Peter Szijjarto’s upcoming visit to Egypt, slated for October for talks with Egyptian officials on the economic and trade domains.
The minister’s talks with the Hungarian diplomat also pored over investment opportunities in the Egyptian market, especially in the Suez Canal Economic Zone (SCZone). The minister noted that the Hungarian government should take advantage of the diverse investment incentives offered by the Egyptian government on this score.
She voiced her ministry’s preparedness to extend full support to Hungarian companies wishing to operate in Egypt and remove all obstacles impeding their investments in the Egyptian market.
The volume of Egyptian-Hungarian trade exchange hit $354 million in 2019 compared to $266 million in 2018, with a 22% increase, whereas the volume of Hungarian investments in the Egyptian market amounts to $41.5 million, according to the minister.
On his part, the Hungarian diplomat lauded ties binding Egypt and Hungary, asserting his country’s keenness on promoting relations with Egypt in the trade and investment fields.