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Egypt, Hungary to Establish New Economic Projects

Tuesday, 25 January 2011 00:38

Egypt’s Minister of Trade and Industry Eng. Rachid Mohamed Rachid asserted that there is a big chance for economic cooperation between Egypt and Hungary in terms of increasing joint investments and trade exchange.

These remarks were made at the inauguration of the Egyptian-Hungarian business forum that was organised by the Egyptian Businessmen’s Association (EBA).

There are wide fields for joint cooperation between the two countries, namely new and renewable energy, water treatment, fisheries, training and education as well as environment preservation, added the Minister.

The existing volume of trade exchange did not exceed €103 million in 2009, Rachid said, adding that the figure does not reflect the economic potentials of the two countries.

Hungarian exports to Egypt are put at 95 percent of the volume of trade exchange, Rachid said, adding that there are high chances for increasing Egyptian exports to Hungary which in turn could play a vital role in buttressing Egyptian exports to central European states.

He said Hungary, which currently holds the presidency of the European Union, could play a positive and important role in promoting Egypt's economic relations with the EU member-states.

Rachid also said the two countries have signed a number of agreements and protocols for economic cooperation, encouragement and protection of investments, the prevention of dual taxation and cooperation in the animal and plants wealth.

Egypt will work to provide more investment incentives in new investment sectors and open new areas of investments, he stressed.

He added that a plant to be set up with Hungarian investments in cooperation with the Egyptian Serum and Vaccine Authority will produce all the vaccines required in Egypt and the Middle East region.

Rachid also expected that Hungary would play a crucial role in further boosting Egyptian relations with the European Union, especially that Hungary currently chairs the union. (SIS)

Global Arab Network

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