Minister of Investment and International Cooperation Sahar Nasr talks during an interview with Reuters in Cairo, Egypt June 21, 2017. REUTERS/Mohamed Abd El Ghany Minister of Investment and International Cooperation Sahar Nasr talks during an interview with Reuters in Cairo, Egypt June 21, 2017. REUTERS/Mohamed Abd El Ghany

German investments in Egypt records $641M through 1,103 companies

Thu, Sep. 20, 2018
CAIRO – 20 September 2018: German investments in Egypt reached $641.4 million through 1,103 companies in the sectors of chemicals, petroleum, telecommunications, gas, car industry, and iron and steel, Minister of Investment Sahar Nasr said.

Nasr clarified that Germany ranks the 20th in the list of countries investing in Egypt, aiming to upgrade its position to be among the top 10 investing countries among its markets.

This came during Nasr’s meeting with a delegation of the German Ministry of Economic Cooperation and Development including Head of Development Cooperation for the Middle East, Asia, South America and South Eastern Europe Claudia Warning, and Head of Development Cooperation with the Middle East Klaus Kramer.

The meeting took place in the presence of Ambassador of Germany to Egypt Julius Geroge Loe, Senior Advisor to the Minister for Economic Affairs Shehab Marzban, and Responsible for German Relations in the Ministry Darren el-Sayed.

They discussed ways to enhance joint cooperation between the two countries in various economic fields in the future.

The German delegation stressed the keenness of their country to increase its support for Egypt during the next phase on the economic level, praising the economic reform measures that the Egyptian government is working on.

They noted that the economic reforms will reflect positively on the development cooperation between Egypt and Germany and improving the investment environment which encourages German companies to increase their investments in Egypt, stressing the strategic and deep relationship between Egypt and Germany.

Nasr pointed out that the ministry supports the private sector to pump more investments, so legislative reforms were made to facilitate investors such as investment law and its executive regulations and amendments to the law of companies and the capital market.

During the meeting, they discussed Germany's support for several new projects in the fields of energy, environment, education, entrepreneurship and youth skills development, arrangements for holding the Egyptian-German bilateral committee in October and signing a number of agreements for financial and technical cooperation between the two countries.

For her part, Warning expressed her country's aspiration to increase cooperation with Egypt to be at a distinguished level, which enjoys strong strategic relations between the two countries.

She pointed out the success story of Assiut Barrage Project, which was supported by the German Construction Bank with a value of €302 million.

She also praised the services presented by investors’ service center which helps in increasing investments in Egypt.

Germany is keen to support Egypt in energy, environment and education projects, according to Warning.

Minister of Industry and Foreign Trade Amr Nassar said earlier that trade exchange between Egypt and Germany rose 5 percent in 2017, reaching €5.81 billion, compared to €5.57 billion in 2016.

Total Egyptian investments in Germany recorded $35.5 million in the fields of finance, medicine, furniture, appliances, medical supplies, tourism and trade, the minister added.
There are no comments on this article.

Leave a comment