HUF 126 billion in business opportunities opening for Hungarian enterprises on the Egyptian market

Wednesday, June 1, 2016

Photo: Máté Paczolay

“Nine Hungarian-Egyptian business agreements will be concluded during Prime Minister Viktor Orbán’s visit to Cairo, representing a total of HUF 126 billion (EUR 400 million) in business opportunities for Hungarian enterprises on the Egyptian market”, Minister of Foreign Affairs and Trade Péter Szijjártó told Hungarian public media following a meeting with his Egyptian counterpart Sameh Shoukri.

Mr. Szijjártó said that during his official visit Mr. Orbán would be signing an agreement on stimulating economic cooperation between Hungary and Egypt with the North African country’s Minister for International Cooperation.

The Hungarian Minister also told reporters that the delegation led by the Prime Minister had arrived in Egypt accompanied by 75 businesspeople representing 61 Hungarian companies.

An agreement will also be concluded concerning the participation of Hungarian business participation in the upcoming acquisition of 700 new railway wagons by Egyptian State Railways, with financing provided by Hungary’s Eximbank, he also stated.

In addition, an EUR 9 million agreement will be concluded according to which Hungarian heavy machinery manufacturer Ganz will be shipping railway trucks (bogies) to Egyptian State Railways.

Furthermore, Hungarian axle manufacturer Rába and its Egyptian partner will be establishing a joint venture to jointly manufacture axles for military and heavy goods vehicles. This also represents a business opportunity worth some 10 million euros for a Hungarian enterprise on the Egyptian market, Mr. Szijjártó said.

In addition to transport-related contracts, Hungarian businesses will also be concluding cooperation agreements within the fields of information technology, safety technology and agriculture.

“Egypt is Hungary’s primary security and economic partner in the North African region”, the Hungarian Foreign Minister emphasised.

“It is the interests of all of Europe for Egypt to remain stable and to play a strong regional role, because if this role played by Egypt were to falter it would have a very damaging effect on the extremely fragile situation in the Middle East”, he declared.

“In addition, if Egyptian stability was overturned, millions of immigrants would appear at Europe’s borders”, he pointed out.

Accordingly, Hungary is calling for tighter cooperation between Egypt and the European Union and consequently for the EU to immediately convene the EU-Egypt Association Council. The Hungarian Government is also proposing that the EU lift the previously imposed restrictions on the procurement of policing equipment, the Minister of Foreign Affairs and Trade said in closing.

(Ministry of Foreign Affairs and Trade)