The Egyptian-Hungarian Business Council held a re-opening meeting in the headquarter of the Hungarian Chamber of Commerce and Industry (HCCI). Hungarian Co-Chairman of the Council and President & CEO of Tungsram Joerg Bauer and Head of Department of Ministry of Foreign Affairs and Trade András Kovács gave a presentation on the economic opportunities of the country to interested Hungarian companies.

The participants were welcomed by the Head of Middle-East and North-Africa Directory of HCCI, Ferenc Miklóssy who said that the council which is expected to breathe life into the Hungarian-Egyptian business relations is reformed thanks to the incentive of the Hungarian government. He also emphasized that Hungary popular in Egypt mainly due to the developments of the railway-system.

 

“The Hungarian government views Egypt as a stabilizing factor in the area”-said Head of Department of HCCI András Kovács who also added that inter-governmental relations between the countries are quite active; Minister of Foreign Affairs and Trade Péter Szijjártó met his Egyptian counterpart several times in the last few years. These inter-governmental relations provide background and possibilities for Hungarian entrepreneurs to discover Egyptian business opportunities.

Tungsram is now creating a joint venture with its Egyptian partner AOI since the country needs new technological solutions and this is a huge opportunity, pointed out Joerg Bauer during his speech. An example: the population of Egypt is ten times as big as that of Hungary however, the size of cultivatable land is the half of that of Hungary. The solution for this is obviously irrigation and to establish indoor farming that can result in the improvement of the quality of life paired with serious technological advancement. “As a flagship company, Tungsram can also lead Hungarian companies since there is a demand for several Hungarian products and solutions there”, Joerg Bauer added.

The participants were interested in business opportunities in the field of water-management, solar energy, informatics and agriculture.

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