Egypt’s SCZONE, Hungary explore investment cooperation

Egypt’s Suez Canal Economic Zone (SCZONE) is seeking to deepen cooperation with Hungary in manufacturing, infrastructure, renewable energy and water management, its chairman said on Tuesday following talks with Hungarian officials in Sokhna.

SCZONE Chairman Waleid Gamal El-Dien met Hungarian Ambassador Rita Herencsár and Economic Counsellor Patrik Maruzs to discuss opportunities in sectors including automotive, data centres, railway feeder industries and electricity. He highlighted the zone’s infrastructure, six seaports, four industrial zones, and investment incentives aimed at attracting European companies.

“We highly value our partnership with the Hungarian side, particularly in sectors that add value to the Egyptian economy. SCZONE is keen on localising the automotive industry and expanding data centre projects, while exploring opportunities for cooperation in feeder industries for the railway and electricity sectors.” Gamal El-Dien said.

“We also look forward to benefiting from the technological expertise of Central and Eastern European countries, in addition to showcasing the diverse investments our zone hosts from various countries,”

Herencsár said Hungary was keen to arrange meetings between SCZONE and Hungarian companies to explore joint projects, including public-private partnerships, and to expand exports. The delegation toured several SCZONE projects, including Ecopat Industrial Development, El Sewedy National Company, and National Steel Fabrication Company.

She further said that Hungary is “keen to explore cooperation in manufacturing, exports, infrastructure investment, solar power, and water management.”

Gamal El-Dien had previously led a promotional mission to Hungary in February 2023, meeting government and company representatives during the 4th Egyptian–Hungarian Joint Committee in Budapest.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser