Orbán added that a bilateral agreement would bring dynamism to the two countriesʼ economic and political ties. Before their meeting Orbán and al-Sisi signed a joint declaration and two other cooperation pacts wr signed by the two countries beforehand. They also signed a letter of intent for Egyptʼs order of 700 Hungarian railway carriages.
One year prior to winning elections as a chief of the Egyptian Armed Forces President al-Sisi, in 2014, ousted President Mohammed Morsi, who was elected during the countryʼs first democratic elections, after an uprising against him in 2013. Index adds that Egyptian government supported armed forces still persecute supporters of Morsi.
Foreign Minister Péter Szijjártó noted that Hungary opened a trading house in Egypt last year, as a result of which Hungarian exports to Egypt jumped by 88.3% in January-March this year, Szijjártó said. Bilateral trade between the two countries rose by 67.6% last year, he added. Hungaryʼs Eximbank is also planning to establish a $20 mln line of credit in order to create the financing conditions necessary for the cooperation of Hungarian and Egyptian companies, Szijjártó added.
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