CAIRO – 23 June 2022: Egypt’s Ministry of Trade and Industry have signed an MoU with German-Arab Chamber of Industry and Commerce (GACIC) to open an office for the chamber in Cairo.
The MoU was signed during Minister of Trade Nevin Gamea’s visit to Berlin on the sidelines of the 25th Arab German Business Forum organized by the chamber and attended by around 600 Arab and German businessmen.
The MoU, valid for five years, comes as part of the belief held by the Egyptian and German governments in the importance of cooperation between the private sectors of both countries, a statement by the Egyptian Ministry of Trade and Industry cited Gamea as saying on Thursday.
Gamea said the MoU also comes in light of the important role that the chamber plays in creating direct communication between businessmen and business community in both sides.
The main purpose of opening the new office is to represent the chamber with regard to promoting trade and enhancing economic cooperation between Egypt, Germany and the surrounding countries, she said.
The chamber will undertake a number of activities, including communicating with the corresponding Egyptian institutions, government agencies and the Egyptian business community to establish channels of communication at the commercial and investment levels between the two countries, Gamea said.
The chamber will also arrange and organize trade and economic missions to and from Germany, provide services to German-funded companies and facilitate communication between them, government agencies and the Egyptian business community.
The activities that the chamber will undertake also include promoting the participation of companies in commercial and economic events, exhibitions and conferences. The chamber will also communicate with all concerned parties in this regard at the local and regional levels and contribute to arranging and organizing such events.
Arab German Business Forum
In a speech during the 25th Arab German Business Forum on Wednesday, Gamea said volume of trade exchange between Egypt and Germany totaled 5.1 billion euros in 2021.
Gamea called for boosting trade exchange between the two countries in a way that reflects their special relations, a statement by the ministry read.
Gamea said Egypt attaches great importance to attracting further German investments in Egypt in the sectors of car manufacturing, energy, waste recycling and management, and digital transformation.
She noted that the German investments in Egypt currently totals $2.9 billion.
The minister highlighted the importance of encouraging joint Egyptian-German investments in light of the multiple investment opportunities in the two countries to develop their cooperation in this regard.
She noted that investments in the Egyptian market also allow access to Arab countries, which are among the most important commercial partners to Egypt.
Gamea hailed the Egyptian-German relations as firm and strategic, saying they are based on successful partnerships between the two countries in various fields and at all levels.
Egypt and Germany celebrate 70 years of diplomatic relations, Gamea said, noting that many visits and joint events will be held between the two countries at all levels in the coming period.
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