Egypt managed to overcome the problems it faced over the past years and attained political stability by holding the parliamentary elections, said Hungarian Ambassador to Egypt Peter Kveck.

Speaking during the Egyptian-Hungarian Business Council on Wednesday, Kveck said that he is satisfied with the level of cooperation between Egypt and Hungary.

The volume of trade exchange between the two countries reached 330 million dollars in 2014, he noted, adding that this figure increased by 10 percent in 2015.

The ambassador also affirmed support for Egypt's efforts to confront terrorism, adding that Hungary witnessed a difficult period over the past two years and managed to be in a strong position in Central and Eastern Europe.

The Hungarian government is adopting a policy that is based on openness toward Egypt, he said, adding that the government opened a trade representation office in Egypt to promote for investment and business in Egypt along with Expobank, which offers loans for businesses that are implemented by the Egyptian and Hungarian businessmen.

He also voiced hope that the forum will contribute to promoting economic cooperation between the two sides.

Head of the Industrial Development Authority Ismail Gaber said that holding this forum coincides with a series of development projects, which were launched by Egypt given its geographical location.

He also said that it is important to make use of exporting Egyptian products for the European Union countries and exporting Hungarian products to Arab and African markets.

Gaber further voiced hope of exerting more effort to increase volume of trade exchange and industrial cooperation between the two countries.

Sources: MENA