The volume of trade exchange between Egypt and Germany reached €5.814bn last year, compared to €5.568bn in 2016, an increase of 5%, according to newly appointed Trade and Industry Minister Amr Nassar.
Nassar pointed out that German investments in Egypt currently amount to €641m in 1,080 projects in the fields of industry, services, agriculture, construction, communications, information technology, and finance.
Meanwhile, total Egyptian investments in Germany amounted to $35.5m in the fields of finance, medicines, furniture, appliances, medical supplies, tourism, and trade.
Nassar received German Ambassador to Egypt Julius Georg Luy to discuss the future of economic cooperation between the two countries in the commercial and industrial sectors. The meeting came as part of a series of meetings held by the minister of trade and industry with ambassadors of foreign and Arab countries to promote trade and investment relations between Egypt and various countries of the world during the next phase.
The minister said that the meeting discussed the importance of attracting more European investments in general, and German in particular, to the Egyptian economy, pointing out the ministry’s keenness to attract a number of international companies to invest in the Egyptian market, which contributes to boosting to the national economy and enhancing the confidence of foreign investors in the Egyptian market as one the most important investment markets in the Middle East and Africa.
For his part, Ambassador to Cairo Luy stressed the importance of strengthening the cooperation between Germany and Egypt in many fields, especially technical and vocational training, as Germany has extensive experience in this field, which contributes to the provision of qualified technical manpower to meet the needs of the Egyptian industry and serves as an attractive factor for foreign investments in the Egyptian market.