Cairo Chamber of Commerce met with the Hungarian Embassy to discuss ways to increase economic cooperation in the coming period, as well as investment and commercial prospects in Egypt and Hungary.

This was revealed during a visit to the Cairo Chamber by Hungarian Ambassador "Ondrach Imra Kovaci" to propose new methods to expand bilateral collaboration in various economic fields.

Ahmed Al-Wesimy, First Vice-Chairman of Cairo Chamber, and Sameh Zaky, Vice-Chairman of Cairo Chamber and Chief of the Foreign Relations Committee, welcomed the Hungarian Ambassador on behalf of Eng. Ibrahim El-Araby, Chairman of FEDCOC and Chairman of Cairo Chamber.

According to Al-Wesimy, Egypt is presently in a comprehensive development stage, and there are investment opportunities available in a variety of activities for Hungarian businessmen to take advantage of, particularly in light of Egypt's recent economic changes.

Al-Wesimy stated that exchanges of visits and direct meetings, as well as knowledge of the needs of the two markets and investment opportunities available in the two countries, lead to bilateral partnerships that benefit both countries' economies and increase trade exchange rates.

Zaky emphasised that Cairo Chamber of Commerce provides all information about the Egyptian market and its products in various sectors, as well as investment opportunities in various national projects, noting that a number of legislation and economic laws have been amended to encourage investors to access the Egyptian market.

Hungarian Ambassador Ondrach Imra Kovashi expressed the desire of Hungarian businessmen to work with their Egyptian counterparts to expand joint economic cooperation, increase the volume of bilateral trade exchange, and exchange visits through delegations between the two sides to develop bilateral trade, and that increased cooperation between the embassy and Cairo Chamber in the coming period.

It's worth noting that the value of trade between Egypt and Hungary in 2018 was around 260 million dollars, and that "vegetables, cotton, ceramic products, rubber, inorganic chemicals, textile fibers, fruits and nuts, and oilseeds" are among the most important Egyptian exports to the Hungarian market.

Machines and mechanical devices, plastics, electrical machinery and equipment, organic chemicals, vehicles, pharmaceutical items, paper and paperboard, railway and tram locomotives" are the most major Egyptian imports from Hungary, in addition to the railways project was completed at a cost of about 1.3 billion euros.