The institutional background to reaching new levels in the trade and intercompany relations between Hungary and Egypt is now provided as a result of the work conducted over the past period, Minister of Foreign Affairs and Trade Péter Szijjártó said on Friday at the Hungarian - Egyptian business forum held in Budapest.
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Mr. Szijjártó said that a representative office the Hungarian National Trading House was opened in Egypt last November, which gave rise to a 88.3 per cent growth in Hungarian exports to Egypt in the first three months of the current year, following an increase of 67.6 per cent seen last year in the trade turnover between the two countries.
In order to establish the necessary financial and funding background for the cooperation of the Hungarian and Egyptian companies, the Hungarian Eximbank is to set up a USD 20 million credit line. Moreover, the Hungarian Investment Promotion Agency will continue to pay special attention to supporting the investment relations between Hungary and Egypt, Minister Szijjártó emphasised.
He added that the economic joint committee of the two governments would meet next week in order to convert the agreements concluded on Friday into actual business and trade cooperations.
Minister of Investment of the Arab Republic of Egypt Ashraf Salman explained that an economic reform relying on three pillars was unfolding in Egypt, and that the country had a growing number of free trade relations and a steadily expanding consumer market.
He went on to say that so far primarily structural reforms had been implemented, while currently private enterprises were being supported, and boosting of the economy as well as reduction of the unemployment rate were in the focus. As the third pillar, he mentioned the underlying legislation.
The Minister of Investment added that Egypt not only had an excellent geographical position, but also saw an accelerated rate of development with the number of consumers rising by one million annually.
(Ministry of Foreign Affairs and Trade)
