Egypt and Hungary are looking to deepen their economic ties, building on a 16.9% increase in bilateral trade last year. Ahmed Samir, Egypt’s Minister of Trade and Industry, met with Marton Nagy, Hungarian Minister of National Economy, in the New Administrative Capital to discuss ways to enhance trade, investment, and industrial cooperation.
Trade between the two countries reached $379m in 2023, up from $324m in 2022. Key exports include plastics, chemicals, agricultural products, electronics, and machinery.
Samir emphasised Egypt’s desire to strengthen cooperation with Hungary under the Egyptian-European Partnership Agreement, highlighting the long history of collaboration between the two nations. He also noted the potential for increased Hungarian investment in Egypt, particularly in the pharmaceutical and transportation sectors.
Nagy expressed Hungary’s eagerness to build stronger economic ties with Egypt, which he sees as a key player in the Middle East and Africa. He led a delegation of government officials, business leaders, and academics to explore trade and investment opportunities.
Egypt has developed a national industrial strategy focusing on green industries, advanced technologies, resource utilization, and export growth. The country aims to leverage its free trade agreements to boost exports to international markets.
Hungarian investments in Egypt currently total $43m across 74 projects in various sectors, including tourism, industry, services, agriculture, construction, communications, and IT.
Both ministers expressed optimism about the future of economic relations between Egypt and Hungary, emphasizing the potential for mutually beneficial growth and development.
