OREANDA-NEWS. June 06, 2016.  The rapid and balanced development of Hungarian-Egyptian relations is in the best interest of both countries. By the end of 2014, Egypt became Hungary’s largest export market in the Arab world, Minister for National Economy Mih?ly Varga said at a business forum organized for Hungarian and Egyptian enterprises in Cairo. As member of the delegation headed by PM Viktor Orb?n, Mih?ly Varga Minister held bilateral talks with Egypt’s Finance Minister Amr El-Garhy.

Egypt and Hungary have nurtured various beneficial relations in various industrial fields, including innovative projects of high-quality technologies, Mih?ly Varga pointed out. As he stressed, contracts concluded by the two countries have served as a firm basis for the revitalization of development cooperation in recent years. In line with the priorities of the Irinyi Plan, the Government’s major industrial development blueprint, we believe Hungarian-Egyptian industrial relations have the best growth potential mainly in the health industry, the info-communication sector, the food industry and the development of green industry, he added.

The forum organized for the visit of PM Orb?n is set to forge new direct relations between companies and result in closer economic ties between the two countries, the Minister said, adding that representatives of more than 60 enterprises have come with the delegation to join the talks.

There is still huge potential in Hungarian-Egyptian economic cooperation, and it is in the interest of both countries to foster relations. Egypt is the largest Arab country, a state of strategic importance and also a gateway to Africa. The volume of bilateral trade totalled some USD 300 million in 2015, thus Egypt has been the number one market for Hungarian products in the Arab world. The Hungarian Government aims to double this figure within the next years.

Hungarian companies can join various large-scale Egyptian investment projects, such as the New Suez Canal, the building of the new capital city as well as road and railroad infrastructure projects, Mih?ly Varga emphasised. It is also a promising sign that the number of intercompany cooperation projects has been steadily increasing: there are several joint projects in the field, among others, of motor vehicle manufacturing, the chemicals industry and the construction of buildings, he stated.

The Government is paying special attention to options offered by the manufacturing of rail carriages. Hungary’s Ganz Motor Ltd has supplied bogies and spare components in the value of EUR 40 million for Egypt in the past four years.

The Minister said opportunities provided by cooperation in the pharmaceuticals and medical industries were also encouraging: a Hungarian-Egyptian joint venture that produces medical equipment – DispoAmecor -- was already established in Ramada City.

Cooperation between Hungary’s R?ba and EAMCO, an Egyptian partner, also appears mutually beneficial: the two companies signed a letter of intent in September 2015 for the joint production of heavy and special road vehicle running gears.

Mih?ly Varga and Amr El-Garhy also discussed further cooperation options between the two countries. Egypt’s Government is interested in measures Hungary has implemented to combat the grey economy. In coming months, Hungary may share its experiences of the introduction of on-line cash registers and the Electronic Trade and Transport Control System.