"Al-Mashat" and "Szijjártó" sign the protocol of the fifth session of the committee, including 26 areas of cooperation between the two countries.
Egypt and Hungary agree to strengthen bilateral relations in the fields of localizing industry, water security, energy security, tourism, healthcare, trade exchange, and consumer protection.
Working on establishing a mechanism to diversify the export structure and increase joint investments in manufacturing, knowledge and experience exchange, and technology.
The Deputy Prime Minister for Industrial Development and the Minister of Planning and Economic Development and International Cooperation witness the signing of a MoU between the Ministries of Environment and Energy to reduce pollution.
The Joint Committee witnesses effective discussions between the two governments and the private sector to enhance joint cooperation and investments in sectors of mutual interest.
H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, and H.E. Mr. Péter Szijjártó, Hungarian Minister of Foreign Affairs and Trade, chaired the meetings of the 5th session of the Egyptian-Hungarian Joint Committee for Economic, Scientific, and Technical Cooperation. This took place in the presence of H.E. Lieutenant General Eng. Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, H.E. Dr. Yasmine Fouad, Minister of Environment, H.E. Eng. Hassan El-Khatib, Minister of Investment and Foreign Trade, H.E. Mr. Hossam Heiba, Chairman of the General Authority for Investment and Free Zones, H.E. Eng. Raafat Hendy, Deputy Minister of Communications and Information Technology, H.E. Eng. Mohamed Nasr El-Din, H.E. Ambassador Wael Hamed, Assistant Minister of Foreign Affairs for European Affairs, H.E. Dr. Saad Moussa, Supervisor of Foreign Agricultural Relations at the Ministry of Agriculture, H.E. Eng. Amgad Farid, Head of the International Cooperation Sector at the Ministry of Military Production, H.E. Rania Abdel Latif, Head of the Central Administration for Foreign Cultural Relations at the Ministry of Culture, and other representatives of national entities.
Increased Investments and Trade
The meeting witnessed constructive discussions between the two sides regarding priority areas of cooperation and opportunities to increase investments and trade, particularly in the sectors of sustainable transport, environment and green transition, communications and information technology, agriculture, irrigation, and food security.
H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation and head of the Egyptian side in the Egyptian-Hungarian Joint Committee, reviewed the relations between the two countries. These relations are witnessing continuous growth in light of the keenness of the leadership of both countries to advance relations, and based on a long history of economic ties that have reflected positively on the volume of trade exchange and investments between the two countries.
Digital Infrastructure
H.E. Dr. Rania Al-Mashat affirmed Egypt's commitment to strengthening relations with the Hungarian side and laying solid foundations for a strategic partnership based on mutual respect, common interests, and an ambitious vision for the future. H.E. pointed out that Egypt has made significant progress in many economic sectors over the past years, such as infrastructure, communications and information technology, food security, and the transition to a green economy, which enhances aspects of cooperation with the Hungarian side and opens the door for more joint investments.
On another note, H.E. Minister Al-Mashat highlighted the government's efforts to adhere to the investment spending ceiling and implement an ambitious program of economic and structural reforms to enhance macroeconomic stability, improve the business environment, increase economic competitiveness, and follow clear and predictable economic policies, in addition to controlling financial performance and stimulating investments through tax incentives and simplified procedures, which attracts local and foreign investments.
Investment Guarantees Mechanism
H.E. Dr. Al-Mashat also touched on Egyptian-European relations and the ongoing work to activate the investment guarantees mechanism and the consequent opening of financing horizons for Hungarian companies through guarantees and funding opportunities, stressing Egypt's aspiration to double the volume of trade exchange and investments with the Hungarian side.
Sustainable Transport
The Deputy Prime Minister for Industrial Development and Minister of Industry, H.E. Lieutenant General Eng. Kamel Al-Wazir, commended the existing cooperation between the two sides in the field of railways, especially in light of the completion of the implementation of the deal to manufacture and supply 1350 new railway passenger cars by the Hungarian company Ganz-Mavag for the benefit of the Egyptian National Railways Authority. He explained that Egypt is open to cooperation with all countries of the world in the field of industry, including Hungary, particularly with the Ministry of Industry's implementation of a comprehensive plan to advance Egyptian industry in implementation of the directives of H.E. President Abdel Fattah El-Sisi to transform Egypt into a regional industrial hub.
Environment and Green Transition
In her speech, the Minister of Environment, H.E. Dr. Yasmine Fouad, affirmed that the committee is an important opportunity to discuss and explore ways to enhance bilateral cooperation in many vital areas, including environmental protection, at a time when environmental issues occupy a priority on political, economic, and cultural agendas worldwide, and addressing these challenges requires diligent efforts and cooperation among all countries. She pointed out the importance of the green transition in a world facing many challenges, expressing her pride in Egypt's efforts to complete achieving its goals in the climate change file. One of the sectors that has achieved a significant reduction in emissions is the transport sector by 70%, and work is underway to accelerate mitigation measures in this sector, making it one of the promising sectors for joint cooperation.
In his speech, the Minister of Investment and Foreign Trade, H.E. Eng. Hassan El-Khatib stressed the importance of the Joint Economic Committee in presenting and discussing all topics and areas of cooperation of mutual interest between the two countries. He pointed to the strength and strategic nature of the bilateral relations that bind Egypt and Hungary. He noted that the two countries possess great potential and opportunities to enhance joint cooperation in the fields of trade and investment.
For his part, the Hungarian Minister of Foreign Affairs and Trade, H.E. Mr. Péter Szijjártó, expressed appreciation for the warm reception from the Egyptian side and the keenness to consolidate cooperation frameworks. He explained that the two countries have significant opportunities for joint cooperation in terms of trade and investments, and to move from investment in infrastructure to digital infrastructure.
Green Hydrogen
The Hungarian side spoke about the significant opportunities available for partnership between the two countries, particularly in the field of green hydrogen, given Egypt's great potential for expansion in this sector, which is among the priorities of the Hungarian side. They also pointed to opportunities for joint cooperation in the sectors of food security, communications and information technology, especially in the field of artificial intelligence and submarine cables, where the Hungarian 4iG Group, one of the largest submarine cable operators in the region, is implementing a submarine fiber optic cable to directly connect Egypt and Albania, and from there to Eastern and Central Europe.
Protocol of the 5th Session of the Joint Committee
At the conclusion of the committee, the co-chairs of the committee, H.E. Dr. Rania Al-Mashat, Minister of Planning and Economic Development and International Cooperation, and H.E. Mr. Péter Szijjártó, Hungarian Minister of Foreign Affairs and Trade, signed the protocol of the fifth session of the Egyptian-Hungarian Joint Committee, which stipulated the agreement of the two countries to enhance cooperation in 26 developmental areas of mutual interest.
At the forefront of these areas is trade exchange through the establishment of a joint mechanism for exchanging information on export goods in order to diversify the export structure, as well as investment and the exchange of information on investment opportunities and the encouragement of projects with the private sector. This is in addition to the Suez Canal Economic Zone, which can represent an outlet for Hungarian companies towards the local market or markets in the Middle East and Africa region through investment opportunities available in the services, logistics, petrochemicals, renewable energy, automotive, agricultural industries, and other sectors. The protocol also referred to strengthening cooperation in the field of "customs" through capacity building and the application of best customs practices.
The protocol stipulated the strengthening of cooperation in the field of "military production" with Hungarian companies operating in the sectors of solar energy, water and wastewater treatment plants, water resources and irrigation, consumer protection, internal trade, military production, space, tourism, culture, housing and utilities, construction and building, civil aviation, media, energy, and others.
In the same context, H.E. Lieutenant General Eng. Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, and H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, witnessed the signing of a memorandum of understanding between the two countries in the field of reducing industrial pollution and environmental protection, and the exchange of knowledge, experiences, and technology in the environmental field. The MoU was signed by H.E. Dr. Yasmine Fouad, Minister of Environment, and the Hungarian Minister of Energy.