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Trade minister, Hungary ambassador discuss boosting economic ties
24 September 2020  -  Organization :  -  Sector/Entity :  -  Category : General

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The meeting dealt with arrangements for the visit of Hungarian Minister of Foreign Affairs and Trade to Cairo early October, among other issues.

Cairo- September 24, 2020

Minister of Trade and Industry Nevine Gamea has received András Kovács, the new Hungarian ambassador in Cairo, where they discussed the future of economic cooperation between the two countries as well as other issues of mutual interest.

The meeting dealt with arrangements for the visit of Hungarian Minister of Foreign Affairs and Trade to Cairo early October, who is scheduled to meet with ministers and government officials to explore means of strengthening economic cooperation between the two countries during the next period.

The two sides also discussed investment opportunities available in the Egyptian market, especially in the Suez Canal Economic Zone, and its investment incentives.

“The ministry is committed to proving all support to Hungarian companies operating in Egypt, to overcome any possible challenges,” Gamea said.

She further highlighted the idea of establishing a Hungarian industrial zone, similar to the Russian and Chinese ones, which would step up Hungary’s investments in the local market.  

According to official figures, Egypt-Hungary trade grew to reach $354 million last year, compared to $266 million in 2018.

Egyptian exports to the Hungarian market hit $171 million, up 22% from nearly $140 million a year earlier. The main goods trading between the two countries include: equipment and electrical appliances, vegetables and seeds, ceramics, plastics, and fertilizers.

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