Counselor Mohamed Abdel Wahab, CEO of the General Authority for Investment and Free Zones (GAFI), held few meetings with representatives of the Hungarian ministries to discuss opportunities for cooperation in all areas of investment, in the presence of Eng. Yehia Zaki, Chairman of Suez Canal Economic Zone (SCZone), and Mr. Mohamed El Shennawy, Ambassador of Egypt to Hungary. During his visit to the Hungarian capital, Budapest, GAFI CEO met Mr. Istvan Jo, Deputy Minister of Foreign Affairs and Trade; Dr. Christoph Szabo, CEO of the Hungarian Export Promotion Agency (HEBA); and Ms. Maria Stark, Director of the Hungarian Chamber of Commerce and Industry. Abdel Wahab discussed with the Hungarian side plans to develop and strengthen investment relations between the two countries to achieve a comprehensive partnership at the investment level, which reflects the aspirations and resources of both countries. GAFI CEO presented investment opportunities matching the investment plans of the Hungarian side. He also elaborated on the incentives and guarantees provided by the Investment Law to facilitate doing business, in addition to the efforts of GAFI to support investors and streamline the investment process. The two sides agreed to organize a field visit to Egypt by Hungarian businessmen to discuss investment opportunities. Abdel Wahab also called on the Hungarian business community to explore opportunities for joint investments with Egyptian companies in Africa. These investments would be beneficial to both sides, because, on the one hand, they would transfer European technology – especially in areas in which Hungary has a competitive advantage; ie. pharmaceuticals, medical devices, engineering industries, water treatment, agriculture, irrigation, IT, electric batteries – and, on the other hand, Hungarian companies would be able to penetrate 1.5 billion consumer market in Africa and the Middle East, as Egypt is party to trade and investment agreements with most African nations. The two sides also agreed to put into action the memorandum of understanding (MoU) signed by the GAFI and HEPA, last September, which provides for the support of Hungarian companies that would like to set up investment projects in Egypt. It is worth noting that HEPA has launched a new incentive program to support Hungarian investments abroad, which opens new areas of cooperation, especially with Egypt.
