The Minister of Planning, Economic Development, and International Cooperation holds discussions with the Hungarian Minister of Foreign Affairs and Trade to discuss enhancing joint investment between the two countries.

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, conducted a bilateral discussion with Mr. Péter Szijjártó, Hungary’s Minister of Foreign Affairs and Trade to explore ways to strengthen cooperation and discuss several important issues between both countries. This meeting took place during the Egyptian-Hungarian Joint Business Forum held at the General Authority for Investment (GAFI), featuring participation from 126 private sector companies from both countries.

 

During the meeting, the two ministers discussed various topics of cooperation between Egypt and Hungary and ways to enhance it across a number of fields. This is in the context of the longstanding and robust bilateral relations that have significantly evolved over recent years, aided by the close ties between the leaders of both countries and mutual visits, which have positively influenced trade exchange and collaborative efforts to localize industry and increase developmental cooperation.

 

H.E. Minister Al-Mashat emphasized the importance of enhancing joint investment between the two countries, highlighting Egypt's relative advantages that make it an attractive destination for various local and foreign investments. She noted the government's efforts to improve infrastructure to attract investments and create more opportunities for investment partnerships that serve the mutual interests of all parties involved.

 

H.E. Dr. Al-Mashat also reviewed the state's initiatives to encourage investment and localize industry, asserting that Egypt stands as a promising destination for both local and foreign private investment, particularly following the successful implementation of the first phase of the national economic and social reform program, which included several reforms and measures aimed at creating a conducive working environment and paving the way for private sector involvement in the management and implementation of infrastructure projects to contribute to economic development. She underscored the importance of expanding economic cooperation between the two countries to mutually benefit from the relative advantages that each nation possesses.

 

H.E. Minister Al-Mashat highlighted Egypt's hosting of the "Egypt-EU" Conference under the auspices of the President of the Republic and the President of the European Commission last June, aimed at showcasing various investment opportunities in the Egyptian economy and enhancing economic cooperation between Egypt and the EU. She mentioned the investment guarantees agreement signed during the conference, valued at €1.8 billion, facilitated by the European Union, which opens avenues for European investments in priority sectors in Egypt.

 

Furthermore, the Minister of Planning, Economic Development, and International Cooperation indicated that cooperation between the two nations could encompass other sectors, including agriculture, which is a fundamental pillar of the national economy. She noted the government's efforts to ensure food and water security, as well as potential collaboration in renewable energy projects aimed at creating a diversified economy and new job opportunities.

 

H.E. Dr. Al-Mashat explained that Egypt's comprehensive national economic reform program aims to enhance macroeconomic stability and ensure the sustainability of public debt in the medium term while strengthening the resilience and flexibility of the Egyptian economy against external shocks. The comprehensive national economic reform program also includes a significant focus on enhancing social safety nets to ensure effectiveness and targeting, thus providing maximum protection for the most vulnerable populations and accelerating efforts to increase the competitiveness of the Egyptian economy through a coherent and integrated package of policies, measures, and structural reforms.

 

During the meeting, H.E. Minister Al-Mashat referred to the ministerial group for entrepreneurship, highlighting her appointment as its chair, and reaffirmed the government's commitment to this vital sector, which aims to enhance the capacity of startups and the entrepreneurial environment to achieve sustainable and accelerated economic growth based on competitiveness and knowledge, contributing to the creation of decent job opportunities.

 

In conclusion, the two ministers discussed the preparations of the Egyptian-Hungarian Joint Committee for the upcoming session in 2025, which will be chaired by H.E. Minister Rania A. Al-Mashat and Mr. Péter Szijjártó. Both ministers confirmed the initiation of the implementation of the memoranda of understanding signed during the previous committee meeting.