Egypt, Romania mull boosting ties

Updated 10/10/2024 12:12:00 PM

Arab Finance: Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat has mulled boosting Egyptian-Romanian ties with the Romanian Minister of Economy, Entrepreneurship and Tourism Stefan-Radu Oprea, as per a statement.

This came on the sidelines of the fourth session of the Egyptian-Romanian Joint Committee for Economic, Scientific, and Technical Cooperation held in Bucharest and chaired by Al-Mashat.

Both leaders also discussed potential cooperation in the field of entrepreneurship, as well as investment opportunities for the Romanian firms in Egypt and partnerships with the private sector.

They focused on the sectors of renewables, green hydrogen, manufacturing localization, capability building, and communications and information technology.

Moreover, both sides discussed collaboration within the framework of the carbon border adjustment mechanism (CBAM) to promote green transition and reduce carbon emissions.

In addition, Al-Mashat has inked six cooperation agreements with the Romanian side.

The first agreement involves cooperation between Egypt’s General Authority for Investment and Free Zones (GAFI) and the Romanian Agency for Investments and Foreign Trade (InvestRomania).

This is in addition to the signing of the fourth session of the Egyptian-Romanian Joint Committee protocol.

Moreover, an executive work plan for a memorandum of understanding (MoU) in the field of agriculture and land reclamation was signed, and another MoU between the Egyptian Micro, Small and Medium Enterprises Development Agency (MSMEDA) and Romanian Ministry of Economy, Entrepreneurship and Tourism.

A service agreement was also inked regarding the installation of gas distribution pipelines, and another one was penned between Town Gas and CIS Gaz on the manufacturing of oil and gas products.