Minister of Planning, Economic Development, and International Cooperation Holds Talks with Hungarian Minister of Foreign Affairs and Trade to Discuss the Future of Economic, Trade, and Investment Relations Between the Two Countries

 

During the 5th Session of the Egyptian-Hungarian Joint Committee

 

Minister of Planning, Economic Development, and International Cooperation Holds Talks with Hungarian Minister of Foreign Affairs and Trade to Discuss the Future of Economic, Trade, and Investment Relations Between the Two Countries

 

 

Al-Mashat:

 

_The regular convening of the committee reflects both countries’ commitment to exploring new avenues for cooperation and partnership amid turbulent global economic developments.

The Egyptian economy enjoys regional significance, competitive advantages, and diverse trade and investment opportunities.

The government is working to enhance the investment climate and streamline procedures to expand foreign investment and shift toward a private-sector-led growth model.

The ministers discussed the implementation status of the project to finance and supply 1,350 railway carriages and mechanisms to boost trade and investment.

Hungarian Minister of Foreign Affairs and Trade: We seek to expand Hungarian investments in telecommunications and undersea cables and look forward to increasing cooperation in civil aviation.

_

 

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, held talks with H.E. Mr. Péter Szijjártó, Minister of Foreign Affairs and Trade of Hungary, to discuss ways to enhance future cooperation between the two countries. This meeting took place during the 5th session of the Egyptian-Hungarian Joint Committee for Economic, Scientific, and Technical Cooperation.

At the beginning of the meeting, H.E. Dr. Al-Mashat welcomed the Hungarian minister, emphasizing that the regular convening of the joint committee reflects the countries’ commitment to deepening bilateral cooperation and exploring broader partnership opportunities in trade and investment to support development efforts.

H.E. Minister Al-Mashat highlighted Egypt's regional economic significance, competitive advantages, and the diversity of its trade and investment opportunities—factors that serve as strong incentives for deepening bilateral partnerships between the Egyptian and Hungarian governments, as well as between private sector entities. She noted Egypt’s ongoing efforts to create a more favorable business environment, simplify procedures, and facilitate the work of Hungarian companies in Egypt.

H.E. Dr. Al-Mashat also mentioned ongoing discussions with the European Union on implementing structural reforms under the second tranche of the Macro-Financial Assistance mechanism, worth €4 billion. Additionally, she pointed to Egypt’s partnership with the International Finance Corporation to offer 11 airports for private sector investment, which presents potential opportunities for Hungarian companies in the aviation sector.

 

H.E. Dr. Al-Mashat described the 5th session of the Egyptian-Hungarian Joint Committee as a significant milestone in the history of bilateral relations, which dates back to the formal establishment of diplomatic ties in 1928—over 96 years ago. Since then, the two countries have worked to strengthen relations and expand cooperation across political, economic, and cultural fields.

 

H.E. Minister Al-Mashat stated that the Joint Economic Committee is one of the key institutional frameworks linking Egypt and Hungary, aimed at promoting coordination and collaboration in economic and investment areas. It provides an effective platform for exchanging views, discussing opportunities, and addressing challenges. She pointed out that the 4th session of the committee saw expanded cooperation and focused efforts on vital areas of mutual priority, including trade growth, tourism development, and the localization of industrial innovation and technology.

 

H.E. Dr. Al-Mashat emphasized that the 5th session of the committee is being held during a time of rapid global developments and unprecedented economic challenges. Its convening signals a strong political will from both leaderships to strengthen the strategic partnership and open new avenues for sustainable cooperation, particularly in sectors such as investment, trade, industrial localization, customs, electricity and renewable energy, oil and gas, water resources and irrigation, agriculture, environment, ICT, space, education and technical education, and civil aviation.

 

H.E. Minister Al-Mashat stressed that Egypt believes international cooperation, based on mutual respect and shared interests, is the most effective way to confront development challenges and promote stability. Egypt views Hungary as a trusted strategic partner, sharing similar perspectives on the importance of economic integration, leveraging shared capabilities for sustainable development, stimulating investment, and expanding cultural and knowledge exchange. H.E. Dr. Al-Mashat said that this will elevate both countries’ positions globally and contribute to a prosperous and resilient future for their bilateral relations.

 

The meeting featured constructive discussions on the implementation of the project to supply 1,350 Hungarian railway carriages to Egypt, as well as Hungarian investments in the telecommunications and IT sectors, particularly fiber optic cable infrastructure. It also addressed the expansion of cooperation in tourism and civil aviation and the increase of tourist flights between Cairo and Budapest.

 

For his part, the Hungarian Minister of Foreign Affairs and Trade affirmed the vitality and growth of Egyptian-Hungarian relations across various sectors, noting several success stories in investment and trade. He highlighted the recent increase in Hungarian investments in the telecommunications and IT sectors, particularly in fiber optic cable infrastructure, as part of broader expansion into digital infrastructure. He also expressed Hungary’s keenness to increase the number of flights between Cairo and Budapest.

 

He reiterated Hungary’s commitment to supporting Egypt in its strategic partnership with the European Union, particularly in implementing the second phase of the Macro-Financial Assistance mechanism and budget support.