Minister of Investment Sahar Nasr and German ambassador Julius Georg Luy -Via Ministry of Investment
CAIRO - 30 May 2017: Germany and Egypt are planning to hold a joint investment forum in Berlin soon, German Ambassador to Cairo Julius Georg Luy said on Tuesday.
Luy’s statements came during a meeting with Minister of Investment Sahar Nasr, Tuesday, to discuss methods of pushing German investments forward in development projects, as part of a common investment portfolio of €360 million, according to a statement from the Ministry of Investment.
The ambassador said Berlin wants to boost its investments in Egypt after the parliament’s approval of the new investment law.
Germany targets increasing investments in the sectors of renewable energy, technical education, climate change, women and youth, Luy said, adding that there are 1,039 German companies currently operating in Egypt.
In early May, the House of Representatives has finally approved the highly anticipated new investment law.
The law offers unprecedented guarantees and incentives to investors, takes into consideration social concerns and enhances transparency, disclosure and governance.
It will also simplify project procedures and ensure strict deadlines to complete such procedures. Moreover, it accelerates arbitration of business disputes to ensure the stabilization of investment policies.