Egypt Raises Order of Hungarian Rolling Stock to EUR 1.1 bln

Transport

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Egypt's state-owned railway company has added another 50 carriages to a 1,300-unit order from a Hungarian consortium, raising the value of the contract by EUR 100 million to EUR 1.1 billion, Minister of Foreign Affairs and Trade Péter Szijjártó said after a meeting of the Hungarian-Egyptian Joint Economic Committee in Budapest on Thursday, according to a report by state news wire MTI.

At a joint press conference with Egyptian Minister of International Cooperation Rania A. Al-Mashat, Szijjártó said 724 of the carriages in the order have already been delivered and production of another 626 is underway at rolling stock maker Dunakeszi Jarműjavító's base north of the capital.

He noted that the two countries' bilateral trade in farm products rose 80% close to USD 30 million last year, a new record.

He said energy is the "most important" area of cooperation between Hungary and Egypt, adding that both countries are putting emphasis on nuclear energy in terms of secure energy supply and the green transition. He pointed out that Hungary and Egypt are both building nuclear reactors that use the same technology, paving the way for partnerships in engineering and education.

Egypt could also play a role in Hungary's efforts to diversify its energy supply, he said, adding that although LNG deliveries are possible at present, the construction of a gas pipeline, with European Union support, that runs to Southern Europe is on the drawing board.

The sides signed memoranda of understanding on an exchange of experience regarding international development and on cooperation in social affairs.

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