Major Hungarian Companies Seek to Invest in Egypt: AOI Chief

Gen. Abdel Moneem Al Tarrass, Chairman of the Arab Organization for Industrialization (AOI) said that major Hungarian companies seek to invest in Egypt, noting: "There is a political will to push development in Egypt."

Tarrass participated at Forum of the Egyptian-Hungarian Investment.

Dr Sahar Nasar, Minister of Investment and International Cooperation and L. Magyar, Minister of State for Parliamentarian Affairs at Hungary’s Foreign Ministry chaired the forum.

Amr Nassar, Minister of Industry and Trade, Eng. Hesham Tawfiq, Minister of State Sector, Kamel Al Wazir, Minister of Transport attended the opening of the forum as well as representatives of twenty five leading Hungarian companies.

He stressed that President Abdel Fatah El Sisi directs concerned officials to deepen the local industrializing and transferring technology through joint cooperation and real partnership with other countries in the world.

On the other hand, the forum was mounted to review results of the meeting of the Joint Egyptian- Hungarian Committee for Economic Cooperation in Cairo last year.

Relations between Egypt and Hungary developed significantly over the last few years. President Sisi met Hungarian Prime Minister few times over years.

Tarrass affirmed that the leading companies in the world seek to invest in the Egyptian market, adding that the world investors know that Egypt is the main portal to the Arab world and Africa.

The treaty of free trade between Egypt and the European Union (EU) allows  the former to export products to the latter.

Al Tarrass went on to say that the AOI has contracted with TUNGSRAM Company to take executive steps towards localization of producing  LED lamp which uses 10% of the energy an incandescent lamp requires and smart methods of lighting cities, building and transportation means.

He invited the Hungarian firms to cooperate with AOI in renewable energy, treating water. and auto manufacturing, assuring that many leading Hungarian companies mulled over increasing investment in Egypt.

A team of experts of AOI met with representatives of the leading major companies to exchange expertise and joint manufacture in some sectors such as railways, medical tools and renewable energy.