21 November 2017 02:10 PM

Statement by H.E. President of the Arab Republic of Egypt Abdel Fattah El Sisi at the Egyptian-Hungarian Business Forum

Wednesday، 05 July 2017 - 02:02 PM

 

Mr. Viktor Orban, the Prime Minister of Hungary

 

Ladies and gentlemen,

 

I would like in the beginning to express my pleasure for attending the Egyptian-Hungarian Business Forum which we hope would strongly contribute to pushing up economic cooperation between the two countries.

 

Egypt is taking pride in the remarkable development of relations with Hungary. We are looking forward that these relations would be promoted to wider horizons especially in economic cooperation to cover the domains of trade, investment and exchange of expertise and transfer of technology along with the cultural and scientific fields.

 

Ladies and gentlemen,

 

As was the case in Hungary and other world countries after the financial crisis of 2008, the Egyptian economy has confronted many structural problems and challenges that escalated during the events of 25 January, 2011. The most salient of these challenges was an increase in the deficit of the balance of payments which was basically affected by a new decrease in revenues of tourism and foreign direct investment with what follows of a sharp decline in hard currency reserves.

 

In order to deal with these critical economic conditions, Egypt started implementing a comprehensive economic reform program that is aimed at redressing the financial and structural deficits whereby the exchange rate was fully liberalized and subsidy was restructured. Also, efforts were exerted to attract more investments through adopting several serious measures including the issuance of a unified investment law and extending more incentives for developing and supporting local and foreign investments. Also, these efforts included expanding investment guarantees and industrial permits laws to confirm keenness of the State on enlarging the role of the private sector in a way that contributes to introducing a real and comprehensive development for increasing employment rates and pushing up growth and exports.

 

The State also implemented several giant national projects of high revenue and large investment opportunities atop of which come the projects of developing the Suez Canal Corridor and upgrading and setting up several industrial zones in various parts of Egypt along with establishing the new administrative capital and other mega projects for power generation at a total targeted capacity of 14,000 megawatt.

 

Our vision for upgrading the economy includes turning Egypt into a regional and international centre for power generation, transfer and distribution taking into consideration recent major discoveries of natural gas fields in the Mediterranean and northern Delta. With the start of production of these fields, Egypt will be moving ahead towards self-sufficiency of gas and it will start export by the year 2020.

 

Ladies and gentlemen,

 

Egypt, whose population exceeds 93 million people, enjoys many investment privileges especially that it has a big and promising market. Also, Egypt is a gateway to a giant regional market in the Arab region and the African continent through several free trade agreements with several zones and regions in the world.

 

This is why we urge companies and businessmen to invest in Egypt in all domains especially in the productive sectors along with others such as energy and manufacturing which we expect would see marked progress in the coming period taking into consideration that Egypt is one of the world counties which provide the highest investment revenue. Despite the current cooperation, coordination and understanding between the two countries, economic and investment cooperation did not reach so far the level of our expectations and aspirations compared to the investment opportunities in the two countries. Therefore, Egypt is looking forward for enhancing cooperation with Hungary in several domains such as agriculture, water treatment, developing infrastructure and railways along with energy and manufacturing.

 

Ladies and gentlemen,

 

We pin great hopes on the success of this forum in conveying a more detailed picture about the recent economic developments in Egypt and opening new fields of cooperation between the businessmen in the two countries along with building on the excellent political relations with Hungary for encouraging you to study the available investment opportunities in Egypt. You will find all support from the Egyptian government in a way that contributes to achieving joint benefits for our two countries and peoples.

 

I wish you all the best. Thank you very much.


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