The Egyptian-Hungarian Business Forum recently convened in Cairo, highlighting the burgeoning relationship between Egypt and Hungary aimed at fostering economic cooperation and investment. The event was attended by key figures including Hassan Al-Khatib, Egypt's Minister of Investment and Foreign Trade, Peter Siarto, Hungary's Minister of Foreign Affairs and Trade, and Dr. Rania Al-Mashat, Egypt's Minister of Planning and International Cooperation.
During the forum, Al-Khatib emphasized the significance of this gathering, stating that it seeks to explore promising opportunities for collaboration in various sectors such as energy, green economy, manufacturing, technology, digital transformation, and healthcare. He remarked, "The forum aims to discover major opportunities for cooperation between Egypt and Hungary in the fields of investment and trade, stressing that the goal is also to establish sustainable partnerships that contribute to promoting economic growth, innovation, and prosperity in both countries."
Al-Khatib noted that Egypt is undergoing an ambitious transformation to solidify its position as a leading investment hub in Africa. He pointed out that the nation successfully attracted $46.6 billion in foreign direct investments in 2024, reflecting increased global confidence in the Egyptian economy. He stated, "These efforts have begun to bear fruit, and we aspire to attract $60 billion in foreign direct investments and achieve exports worth $145 billion by 2030, ensuring that the private sector represents 65% of investments."
He further explained that these ambitious targets form a clear roadmap for future growth, highlighting that Hungary, with its rich history in innovation and diverse expertise, presents a unique opportunity for effective collaboration with Egypt in strategic areas.
Siarto reciprocated Al-Khatib's sentiments, expressing deep appreciation for the strong bilateral relations between Hungary and Egypt. He underscored the importance of enhancing economic and trade cooperation, pointing to successful projects like the modernization of Egyptian railways and the establishment of a fiber optic cable link between Egypt and Europe. Siarto noted, "These projects represent significant steps toward strengthening our strategic partnership."
He also mentioned ongoing negotiations to enhance cooperation in energy, agriculture, and water sectors, as well as the progress made in constructing new power plants in Egypt. Furthermore, Siarto expressed pride in the growing cultural ties, including an increase in the number of Egyptian students attending Hungarian universities and the expansion of flight routes between the two nations.
Dr. Rania Al-Mashat echoed the commitment of the Egyptian government to foster sustainable development and infrastructure projects. She highlighted the ministry's efforts to implement the "Egypt Vision 2030" strategy, which aims to attract foreign investments and strengthen partnerships between public and private sectors. Al-Mashat stated, "Our focus is on accelerating economic reforms in collaboration with international institutions while ensuring financial sustainability for major projects and improving living conditions for citizens."
She also emphasized the importance of effective collaboration between the government and the private sector in executing projects that support comprehensive development goals.
The Egyptian-Hungarian Business Forum marks a significant step in the ongoing efforts to deepen the economic ties between the two nations, paving the way for future investments and partnerships that can benefit both countries. As the global economy continues to evolve, such collaborations are crucial for fostering growth and innovation.
In summary, the forum showcased the commitment of both nations to explore and capitalize on shared opportunities in various sectors, reinforcing the potential for a mutually beneficial partnership that could lead to sustained economic growth and development.
