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Tarek Qabil: Sisi's Visit to Hungary Promotes Egyptian Economic Ties with Eastern European States
Source: 7/4/2017

Egyptian Trade Minister Tareq Qabil deemed President Abdel Fattah El Sisi's current visit to Hungary as a major stride in promoting Egypt's economic and trade ties with Eastern European countries.

In statements to reporters Qabil said that President Sisi's attendance of the Egyptian-Hungarian business forum in Budapest showed that the Egyptian leadership gives priority to the economic file, a matter that encouraged Hungarian investors to do business in Egypt in the coming stage.

Qabil stressed the importance of the forum in consolidating economic cooperation and beefing up trade exchange between Cairo and Budapest.

As for trade exchange between the two countries, Qabil said that Egypt's exports to Hungary increased by 198 percent in the first quarter of 2017.

Several Egyptian products, including fertilizers, have for the first time invaded the Hungarian market, he said.

The new Egyptian industrial investment map, which will be fully launched in September, reveals promising industrial investment opportunities in Egypt, Qabil said.

By the end of 2016, the Trade and Industry Ministry launched its Industrial Development and Foreign Trade Strategy 2020 which is in line with Egypt's Sustainable Development Strategy Vision 2030, Qabil said.

The new strategy involves the contribution of the industrial sector to GDP by 21 percent, with a growth rate amounting to 8 percent, Qabil said.

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