CAIRO – Egypt is adopting trade reforms through clear policies aimed at enhancing the competitiveness of its foreign trade, streamlining border procedures, and reducing the time and cost of customs clearance, Minister of Investment and Foreign Trade Hassan El Khatib said.
Work is also underway on reviewing the state’s role in the economy, digitizing platforms, and contributing to the Business Readiness Report, the minister added during his participation recently in the fifth session of the Egyptian-Hungarian Joint Economic Committee held in Cairo.
The session was attended by Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El Wazir, Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó, Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat, Minister of Environment Yasmine Fouad, along with several officials from the ministries and entities concerned of both countries.
Khatib said Egypt and Hungary possess significant capabilities and opportunities to enhance joint cooperation in the fields of trade and investment.
He reviewed the government’s efforts to create an attractive and stimulating investment environment and to adopt clear and predictable policies.
The minister said the state is currently working on implementing monetary reforms aimed at reducing inflation and financial reforms to ease burdens on investors.
For his part, the Hungarian minister affirmed his country’s keenness to cooperate with Egypt in the fields of agriculture and food industries, as well as in transferring advanced technologies to the Egyptian side across various sectors.
