Cairo hosts the Egyptian-Hungarian Business Forum next September

Economy and stock exchange

The Ministry of Trade and Industry [MTI] on Tuesday began its visit to the Russian city of St. Petersburg to participate in the 23rd session of the St. Petersburg International Economic Forum, which will be held from June 6 to 8, to discuss ways to enhance economic, trade, financial and investment cooperation and find solutions to the problems facing the world economy. A large number of prominent political and economic figures at the international level and heads of some countries and representatives of major companies from several countries.

The forum represents an annual international event in the world of economy, finance and business as a prominent platform for meeting the leaders of the world economic forces to discuss all the economic and trade challenges faced by Russia and the countries of the world as well as a good opportunity to conclude many agreements, And global finance in addition to the discussion sessions that address the various economic trends. He pointed out that the Forum has transformed over the past twenty years into a leading global platform for networking between business communities and discussing the A major economic facing Russia and emerging markets in the world.

On the sidelines of her visit to St. Petersburg, the ministry held a number of meetings with senior officials and heads of the major companies participating in the forum. The Ministry of Foreign Affairs and Trade met with Hungarian Foreign and Trade Minister Peter Zygarto and discussed the future of trade, industrial and investment cooperation between Egypt and Hungary and a number of economic files of common interest. The meeting was attended by Minister of Trade Commissioner Nasser Hamed, head of the Egyptian Trade Office in Moscow

The Egyptian-Hungarian relations are witnessing unprecedented political and economic momentum during the current period, which was reflected in the intensive reciprocal visits of President Abdel Fattah Al-Sisi and Hungarian Prime Minister Victor Urban, indicating the possibility of strengthening the joint Egyptian-Hungarian relations to raise the level of comprehensive strategic partnership. Years.

The ministry pointed out the importance of enhancing the terms of trade exchange between Egypt and Hungary in order to reach the level of the distinguished political relations between the two countries. He pointed out that the volume of trade exchange between the two countries reached 269 million dollars last year. The main items of trade exchange between the two countries include furniture, medical industries, Textiles, textiles, garments, chemical products, fertilizers and building materials.

She said the meeting reviewed the initiative of the group of countries to establish an industrial zone for the countries of the assembly in Egypt, pointing out the importance of Hungary's support for this file with the rest of the members of the grouping, including the Czech Republic, Poland and Slovakia in order to establish the initial steps for this regional cooperation.

The ministry pointed out that the meeting stressed the importance of activating the role of the Egyptian-Hungarian Business Council in promoting cooperation between the two countries, especially in the fields of information technology, railways, water purification and the production of drinking water and agriculture units, pointing out that it was agreed to hold an Egyptian- Next in Cairo in the presence of the largest Hungarian companies, especially in the field of engineering and components, in addition to the participation of companies from the countries of Vishigrad

The Ministry of Trade and Industry announced that two of the largest Hungarian companies in the field of lighting, buses and trucks intend to transfer their production to Egypt. Officials of the two companies will visit Egypt this month to discuss details of investment projects.

The ministry noted the importance of enhancing trade and industrial cooperation between Egypt and Hungary in the African countries markets, especially under the chairmanship of Egypt to the African Union this year, pointing out the possibility of implementing joint programs in the field of training and capacity building for small and medium enterprises.

The ministry pointed out that there are great opportunities for cooperation between Egypt and Hungary in the fields of engineering industries, food industries, renewable energy, telecommunications, information technology, health care, tourism and water treatment. He pointed out that Egyptian exports to the Hungarian markets through the port of Cooper in Slovenia, And the management of the port of Cooper Maritime Link between the ports of Alexandria and Damietta and the port of Cooper

For his part, Hungarian Foreign and Trade Minister Peter Zigarto stressed his country's keenness to strengthen the economic and trade cooperation frameworks with Egypt as one of the main trading partners of Hungary in the Middle East region.

Zygarto added that the year 2018 witnessed a great boom in economic cooperation between the two countries by the signing of a joint agreement between Egypt, Hungary and Russia on a cooperation agreement to finance and supply 1300 train cars to develop the railway sector in Egypt with a capital of more than one billion euros, the largest deal in the history of the Egyptian Railway Authority Said that it was agreed to finalize the agreement to finance the train deal during the month.

He said that the volume of Hungarian investments in the Egyptian market amounted to about 41.5 million dollars in the number of 60 projects in the sectors of manufacturing, services and tourism.

The Minister of Foreign Affairs and Trade expressed his condolences to Egypt in the victims of terrorism, stressing Hungary's support for Egypt's efforts in fighting terrorism and combating illegal immigration, praising the president's efforts in this regard to make the world safer and more peaceful.

The meeting was also attended by Sergei Kogogen, Chairman of the Russian Kamaz Group. The meeting reviewed a number of future projects that the company is considering to implement in the Egyptian market in the field of producing trucks and SUVs in Egypt and exporting to Arab and African markets. Which is currently implemented by the government in various fields

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