● Minister of International Cooperation: Egypt’s membership in the New Development Bank (NDB) and hosting the Asian Infrastructure Investment Bank (AIIB) meetings in Sharm El-Sheikh will advance joint relations with multilateral development banks in Asia.
● The meeting discusses strengthening joint cooperation efforts, localizing the railway industry, and activating the memorandums of understanding of the joint committee with Hungary.
During H.E.’s participation in the 8th Belt and Road Summit in Hong Kong, Dr. Rania Al-Mashat, Minister of International Cooperation, held a bilateral discussion session with Mr. Péter Szijjártó, Minister of Foreign Affairs and Trade of Hungary, in the presence of Ambassador Ambassador Baher Sheweikhi, Consulate-General of Egypt in Hong Kong, and heads from the Egyptian Ministry of International Cooperation and the Hungarian Ministry of Foreign Affairs and Trade. The meeting witnessed a discussion of the developments in Egyptian-Hungarian relations, the promotion of private sector investments, and the follow-up of the implementation of joint agreements and memorandums of understanding signed during the joint Egyptian-Hungarian committee that was held during the current year.
During the meeting, the Minister noted the government’s keenness to develop Egyptian-Hungarian relations and unlock new opportunities, in implementation of the directives of the leaders of the two countries.
This year, the joint declaration on the strategic partnership between the two countries was signed during the visit of the Hungarian Prime Minister, H.E. Viktor Orbán, to Egypt, and his meeting with H.E President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, explained that the hosting of the Egyptian-Hungarian Joint Committee for Economic, Scientific and Technical Cooperation in its fourth session in Budapest at the beginning of this year, and the holding of two versions of the Joint Business Forum, reflects a keenness to stimulate relations between the private sectors of the two countries and advance joint cooperation in various sectors.
The meeting witnessed a discussion of the latest developments in the Arab Republic of Egypt’s membership to the BRICS, as well as membership in the New Development Bank (NDB), and the importance of these two steps in advancing joint relations with major emerging countries and enhancing economic, trade and investment cooperation efforts with those countries, in addition to advancing areas of joint development cooperation.
In the same context, the Minister of International Cooperation indicated that Egypt’s hosting of the annual meetings of the Asian Infrastructure Investment Bank (AIIB) in Sharm El-Sheikh during the current year strengthens joint relations with multilateral financing institutions on the Asian continent and advances development cooperation efforts with the bank to provide innovative financing mechanisms for the government and private sectors and enhance Development vision. Moreover, Al-Mashat discussed the development of joint cooperation to localize the railway industry in Egypt in light of the Government of Egypt’s keenness to localize the industry and enhance the exchange of expertise and modern technology with other countries.
Egyptian - Hungarian Joint Committee
It is worth noting that the work of the fourth session of the Egyptian-Hungarian Joint Committee for Economic, Scientific and Technical Cooperation was held in Budapest, Hungary, last February, for the first time in 4 years, headed by Al-Mashat and Szijjártó.
Participation included representatives of more than 20 national entities, and dozens of private sector companies and investors from both sides, where a memorandum of understanding was signed in the field of exchanging experiences in the field of international cooperation and development financing between the Egyptian Ministry of International Cooperation and the Hungarian Ministry of Foreign Affairs and Trade, in addition to a memorandum of understanding in The field of social affairs aims to develop and enhance bilateral cooperation and coordination in various fields of social work.
Prime Minister of Hungary Visits Egypt
Also during February, Hungarian Prime Minister, H.E. Viktor Orbán visited Egypt, where he met with H.E. President Abdel Fattah El-Sisi, and the joint declaration on the strategic partnership between the two countries was signed, which represents a framework for enhancing relations between the countries.
Egyptian-Hungarian relations are considered historical, as Egypt is the first Arab country to establish diplomatic relations with Hungary. The exchange of diplomatic relations began in 1928, and the Egyptian embassy was opened in Budapest in 1957, and after Hungary joined the European Union in 2004, the two countries signed a new economic cooperation agreement in 2007. Accordingly, three sessions of the Egyptian-Hungarian Joint Committee for Economic, Scientific and Technical Cooperation were held, the first in November 2008 in Cairo, the second in June 2015 in Budapest, and the third in Cairo in 2018.
Joint Committees
The Ministry of International Cooperation, within the framework of its mandate, works to develop and strengthen economic relations between the Arab Republic of Egypt and multilateral and bilateral development partners. In light of this, the Ministry undertakes the preparation of joint committees, as it supervises 68 committees between the Arab Republic of Egypt and countries from various continents of the world. Among them are 8 Asian committees, 30 European committees, 14 committees with Arab countries, 9 African committees, in addition to 7 committees with Latin American countries.