Hungary-Egypt industrial cooperation “worth hundreds of billions of euros”, Minister Szijjártó said in Cairo

Hungary-Egypt industrial cooperation is worth hundreds of billions of forints, with a Hungarian rolling stock manufacturer having received a landmark 1.1 billion euro order, Péter Szijjártó, the minister of foreign affairs and trade, said in Cairo on Monday, noting that the 1,350 carriages to be used in Egypt are being manufactured in Dunakeszi.

Both sides are ready to develop political, industrial and economic cooperation to the level of a strategic partnership, according to a ministry statement.

Szijjártó said that what had originally started as Hungary-Russia cooperation turned into Hungary-Egypt project because of sanctions against Russia. So far 1,015 railway carriages have been delivered, and 1,350 manufactured either partially or wholly in Hungary will be running on Egyptian railway tracks by next August, he added, noting that 900 people are employed on the project and more than 450 companies are part of the supply chain.

He said the supply of Hungarian rolling stock may be expanded in Africa. “We are talking about a huge target market,” he said, referring to a rapidly growing African population and fast-paced infrastructure development.