Romania and Egypt are strengthening their economic ties, focusing on energy cooperation, investments, and boosting trade.
This development was formalized during the 4th session of the Romanian-Egyptian Joint Committee for Economic, Scientific, and Technical Cooperation held in Bucharest.
The meeting was led by Romania’s Minister of Economy, Entrepreneurship, and Tourism, Ștefan-Radu Oprea, and Egypt’s Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat.
The two ministers discussed a range of areas of collaboration, including the significance of boosting investment in Egypt. Al-Mashat highlighted Egypt’s dedication to attracting foreign investment and emphasized the importance of strengthening their economic partnership.
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One of the major outcomes was the signing of a Memorandum of Understanding between Romania’s Agency for Investment and Foreign Trade and Egypt’s General Authority for Investment and Free Zones.
This agreement will facilitate knowledge sharing and information exchange on investment opportunities, particularly in agriculture, automotive, and the renewable energy sector.
The energy sector holds great potential for the two countries. They are collaborating on natural gas projects, with Egypt’s Town Gas company securing contracts to supply natural gas to Romania, marking the first time an Egyptian company has entered the European energy market.
Further collaboration is expected in the industry sector, especially the automotive, textile, and chemical industries. Both nations agreed to collaborate on the development of electric transportation systems, and electric interconnection projects to drive their transition from a linear economy to a circular economy.
Tourism and SMEs (Small and Medium Enterprises) will also benefit from shared knowledge and resources, contributing to economic growth on both sides. Additionally, they proposed the development of business networks and the strengthening of consulting and digital innovation centres for SMEs through funding from both national and international sources.
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At the end of the meeting, representatives from the private sectors of both countries participated in a business forum to identify potential areas of collaboration.
