Germany willing to support Egypt's renewable: Hergenrother

CAIRO – 8 October 2017: Germany finds Egypt to be the most important partner for mechanical engineering and machinery, head of German-Arab Chamber of Industry and Commerce Andreas Hergenrother said Sunday.

Hergenrother made the statements during the ninth Egyptian-German Renewables Day that kicked off Sunday in Cairo to promote cooperation in renewable energy between both countries.

Egypt has huge industrial projects in the renewable sector, which supports its profile, Hergenrother said; "and we are looking for more intensive cooperation between the two countries in the renewable energy field," he added.

On trade relations between Cairo and Berlin, Hergenrother said that bilateral trade between both countries hiked 14 percent to register $3.6 billion in the first seven months of 2017.

Hergenrother highlighted that Egyptian exports to Germany jumped 20 percent in that period, while German imports to Egypt increased 12 percent.

Delivering a keynote speech as well, Germany's Ambassador to Egypt Julius Georg Luy said that he has witnessed major economic updates in Egypt such as floating the Egyptian pound, introducing the New Investment Law and huge progress of gas fields.

“Renewable energy in Egypt proved competitiveness compared to traditional sources of energy,” Luy said.

Egypt should continue securing economic-viable supply of energy to escape the consequences of climate change, Luy added.

"The Egyptian government will continue to pursue energy efficiency programs and Germany will support it in that field as much as possible," Luy noted.