Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir received Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó to discuss ways to enhance cooperation between the two countries in industry and transport.
The two sides discussed the progress of the supply of 1,350 new passenger railway cars, which are being delivered by the Hungarian company Ganz Mavag.
This is the largest deal in the history of Egyptian Railways, with a total of 977 cars already delivered (500 third-class cars with dynamic ventilation, 460 air-conditioned third-class cars, 7 air-conditioned third-class cars with buffet service, 4 first-class air-conditioned cars, and 6 second-class air-conditioned cars). Both sides affirmed that this deal represents a landmark in cooperation between the two countries, according to El-Wazir.
El-Wazir stated that Egypt is keen on having the Hungarian side invest in new sectors within the Egyptian market to meet local demand and export abroad, in partnership with Hungarian companies. The Hungarian Minister of Foreign Affairs and Trade affirmed Hungary’s and Hungarian companies’ interest in cooperating with Egypt in localizing the manufacturing of railway vehicles, among other fields.
El-Wazir highlighted Egypt’s strong commitment to localizing the production of railway vehicles, to transform Egypt into a hub for railway car manufacturing in the Middle East and Africa. Additionally, there is a significant focus on localizing other industries to position Egypt as a regional industrial centre.
He pointed out that industrial cooperation between the two sides is reflected in areas such as the production of fibre cables, components for renewable energy plants namely solar panels, wind turbines, and water pumps for irrigating reclaimed agricultural lands, fibreglass car batteries and tyres, phosphate and nitrogen fertilizers, glass, silicon, soda ash, ready-made garments, food concentrates, pharmaceuticals, and infant formula.
The minister also noted that several European companies are currently seeking to invest in Egypt in the production of green hydrogen, as it is considered a promising industry.
He highlighted that Hungary could invest in this field and other areas of cooperation, taking advantage of Egypt’s investment incentives, including trained technical labour, a large consumer market, and a strategic geographical location that facilitates exporting to foreign markets.
The Hungarian Minister of Foreign Affairs and Trade said that he will discuss with the Hungarian Minister of Economy and Industry the possibility of visiting Egypt soon to explore available investment opportunities and to meet with El-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, to identify key investment opportunities. The visit will also include touring existing factories in Egypt in fields of mutual interest.
