Marton Nagy - Photo:

Economy minister, Egyptian counterpart sign submarine data cable agreement

The economy ministers of Hungary and Egypt have signed an agreement on behalf of Hungary's 4iG and Telecom Egypt aimed at building a high capacity submarine date cable between Egypt and Albania.

Marton Nagy, the Hungarian minister, said at the signing ceremony that a competitive economy required a highly developed telecommunications sector, adding that the digital economy accounted for at least 25 percent of GDP.

4iG chief Gellert Jaszai said the two companies could obtain a large share of the data communications market between Europe, Asia, and east Africa through the new project.

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