PHOTO
Arab Finance: The General Authority for Investment and Free Zones (GAFI) is exploring ways to strengthen investment partnerships between Egypt and Hungary, in line with the Ministry of Investment and Foreign Trade’s directives to create an attractive and stimulating business environment for local and foreign investment, as per a statement.
The discussions took place during a meeting between Mohamed El-Gawasky, CEO of GAFI, and Rita Viktorija Herrencsár, Hungary’s ambassador to Cairo.
The meeting focused on opportunities for joint investment cooperation, the progress of Hungarian investments in Egypt, and key strategic projects linking the two countries, within the ministry’s broader push to diversify target markets and promote investment abroad in Egypt under the directives of Mohamed Farid Saleh, Minister of Investment and Foreign Trade.
El-Gawasky said Egyptian-Hungarian relations are witnessing steady development, reflecting the strength of political and economic ties between the two countries.
He stressed Egypt’s interest in expanding partnerships in value-added industrial and technological sectors, noting that existing Hungarian investments in Egypt span tourism, industry, services, agriculture, construction, and communications and information technology.
He added that the next phase aims to attract higher-quality investments that support technology transfer to the Egyptian market, deepen local manufacturing, and boost exports to regional and international markets.
El-Gawasky also highlighted institutional cooperation between the General Organization for Export and Import Control (Goeic) and its Hungarian counterpart, which supports information exchange and the organization of investment missions.
He pointed to significant opportunities for cooperation between Egypt and Central European countries, particularly in railways, agriculture, water resource management, water treatment and desalination plants, energy, and related industries, underscoring the importance of leveraging the advanced industrial and technological expertise of these countries in line with Egypt’s development priorities.
For her part, Herrencsár praised Egypt’s efforts to improve its investment climate, citing reforms that have increased the market’s attractiveness.
She said Hungarian companies are keen to expand their presence in Egypt and explore new cooperation opportunities, with particular interest in renewable energy projects, especially solar power, including electricity transmission systems and grid connections.
The meeting concluded with both sides agreeing to maintain close coordination, increase investment and trade volumes, and encourage new industrial partnerships to advance shared interests and strengthen the strategic partnership between Egypt and Hungary.
