Budapest hosted a V4-Egypt foreign ministers’ summit. At first glance, the increased interest and expansion of Central Europe in the North African country may seem interesting, but looking at the economic dimension, the relationship is very fruitful.
The Visegrad Four’s export activity to Egypt was close to $1.4 billion before the pandemic in 2019. Egypt is one of the countries with the greatest economic and development potential on the African continent and is currently experiencing a demographic explosion, which will mean almost one and a half times growth and a population of 160 million people by 2050 in the Nile country.
In terms of nominal GDP, Egypt is Africa’s second largest economy after Nigeria and ranks 34th globally. And in a country with such potential, the V4 countries, which are constantly developing and expanding their economies, see a great opportunity. Thanks to bilateral cooperation, Hungary has signed one of the largest export deals in its industrial history with the Arab country for the production of 1,300 passenger rail cars, and the Poles will become the first EU Member State to have a dedicated economic zone in Egypt. The Czech Export Bank has set up a €300 million investment fund to stimulate investment fever in the African country, a process that the other V4 member states have joined. Egypt is a key country for the Visegrad Four, not only in terms of security but also economically, and the constructive political and economic environment offers untapped potential for mutual benefits for Egypt and our region. In addition, Egypt is an increasingly important security player, with a stable government and a predictable and partnered foreign policy that can confidently address the challenges of the North African region. And a secure state is also in the common interest of the V4 on the Sub-Saharan border.
Our infographic on the economic dimension of V4-Egypt cooperation.