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The other business deal is the planned investment in Egypt by Hungarian light source manufacturer Tungsram, with relation to which Mr. Magyar said the Hungarian company plans to produce millions of luminaires in conjunction with the Egyptian HIO Group, which would primarily be used during the replacement of the Egyptian public lighting system, and for which the consortium could also be using a Hungarian state loan. “The two companies have concluded a memorandum of understanding on cooperation with the help of state mediation”, he added. With relation to this, the State Secretary said: “Tungsram is one of the flagships of Hungarian industry, and accordingly the state is supporting both its domestic and foreign efforts”. In addition, Mr. Magyar also opened a business forum in which 22 Hungarian and 70 Egyptian enterprises took part. The Hungarian participants primarily included businesses from the fields of defence, information technology, agriculture and business consulting.
Distributed by APO Group on behalf of Ministry of Foreign Affairs and Trade, Hungary.