Hungarian Firm to Upgrade Tunisia's Railways as Bilateral Trade Soars

Hungarian Ganz Machinery Works has signed a cooperation agreement with its Tunisian counterpart to upgrade Tunisia's railways, as bilateral trade between the two countries reached a record high of over $270 million in 2022, according to Hungarian Foreign Minister Péter Szijjártó.

Speaking in Tunis, Szijjártó announced that the Tunisian railway company has launched tenders worth hundreds of millions of euros to develop its rail network and carriages. Large Tunisian companies have expressed interest in partnering with Hungarian firms on these projects.

"The Tunisian railway company has announced tenders worth hundreds of millions of euros to develop its rail network and carriages, and large Tunisian companies want to work with Hungarian partners on these projects," stated Szijjártó.

In addition to the railway cooperation, Hungary and Tunisia are also seeking to boost collaboration in other sectors such as agriculture, food industry, agricultural science, and water purification. As part of these efforts, Hungary will increase the number of higher-education scholarships offered to Tunisian students from 200 to 250.

Why this matters: The strengthening economic ties between Hungary and Tunisia reflect a growing trend of cooperation between European and North African nations. The railway upgrade project and expanded bilateral trade have the potential to create new opportunities for businesses and drive economic growth in both countries.

The record-breaking bilateral trade figures and the signing of the railway cooperation agreement mark a significant milestone in Hungary-Tunisia relations. Minister Szijjártó emphasized the importance of these developments, stating, "Bilateral trade between Hungary and Tunisia reached a record high of over $270 million in 2022." The increased collaboration across various sectors is expected to further strengthen the economic partnership between the two nations in the coming years.

Key Takeaways

• Hungary's Ganz Machinery Works signed a railway upgrade deal with Tunisia.
• Bilateral trade between Hungary and Tunisia reached a record $270M in 2022.
• Tunisia launched tenders worth hundreds of millions to develop its rail network.
• Hungary-Tunisia cooperation expands to agriculture, food, and water purification.
• The partnership aims to create new business opportunities and drive economic growth.