Arab Finance: Egyptian Prime Minister Mostafa Madbouly proposed exploring an Austrian logistics zone within the Suez Canal Economic Zone (SCZONE) to serve as a gateway for Austrian exports to Arab and African markets, as per a statement.

He raised the proposal during a meeting with Austrian Chancellor Christian Stocker in New York on the sidelines of the 81st session of the United Nations (UN) General Assembly, which Madbouly attended on behalf of President Abdel Fattah El-Sisi.

The proposal formed part of talks on expanding trade and investment between the two countries. Madbouly said bilateral trade remained below expectations and encouraged Austrian businesses to explore investment and production opportunities in Egypt.

Also, Stocker and Madbouly discussed the escalation of regional tensions and their effects on supply chains, oil prices, maritime security, and other economic activity.

Both called for de-escalation. Madbouly outlined El-Sisi’s efforts to restore regional stability and urged coordinated international action to reduce tensions and return to negotiations and peaceful settlement.

Madbouly also called for closer cooperation on solar and wind power and green hydrogen production, identifying opportunities for Austrian companies to invest in those sectors.

He sought to reactivate the Egypt-Austria joint committee and expand cooperation on arrangements that would allow skilled Egyptian workers to meet demand in Austria’s labor market, similar to arrangements Egypt has with other European countries.