Hungarian foreign minister: Business opportunities worth EUR 400m on Egypt market

Cairo, June 1 (MTI) – Nine Hungary-Egypt business agreements worth 126 billion forints (EUR 400m) are being struck during a visit to Cairo by Prime Minister Viktor Orbán, the minister of foreign affairs and trade said on Wednesday.

Outlining his meeting with counterpart Sameh Shukri, Hungary’s Péter Szijjártó told Hungarian public media that the two countries had signed an economic cooperation pact.

He noted that Orbán is heading a delegation of 75 businesspeople from 61 Hungarian companies.

Hungary will today sign an agreement containing a financing offer for train order. The deal containing the financing offer for 700 carriages is one of several that will be signed in the presence of Orbán and Egyptian President Abdel Fattah el-Sisi.

Orbán arrived in Egypt late Tuesday for an official visit. He and his delegation of government officials and business leaders will stay until Thursday.

Szijjártó said a 9 million euro contract will also be signed, under which Hungary’s Ganz will supply bogies for Egyptian rail companies.

Rába and its Egyptian partner will establish a JV to manufacture axles for military vehicles and trucks. This is opening an opportunity for Rába worth around 10 million euros, he said.

Further, contracts in the areas of IT, security technology and farm will also be signed, the minister noted.

Egypt counts as Hungary’s number-one security and economic partner in north Africa, Szijjártó said.

It is in the interest of the whole of Europe that Egypt should continue to play a stable and strong role in the region, he said, adding that if this role were upset there would be a risk of millions of migrants turning up on Europe’s borders.

For these reasons, Hungary urges Egypt and the European Union to form closer cooperation and to convene a session of the EU-Egypt Association Council, he said. The Hungarian government also suggests that previously introduced restrictions on purchases of law-enforcement equipment should be lifted, Szijjártó added.

Photo: MTI

Source: http://mtva.hu/hu/hungary-matters