PM, Siemens AG mull investment opportunities in Egypt

CAIRO - 19 February 2018 - Prime Minister Sherif Ismail met on Monday with a delegation from Germany’s Siemens AG Company, headed by its President and CEO Joe Kaiser in presence of Minister of Electricity and Energy Mohammad Shaker, Transportation Minister Hisham Arafat and Engineer Hany Azer, President Sisi’s adviser for transport affairs.

During the meeting, that touched on the current cooperation between Egypt and Siemens AG, the company’s CEO commended Egypt’s cooperation efforts that resulted in several prominent mega projects, not only with the company, but also within the framework of its economic ties with Germany.

He also voiced his company’s keenness on boosting cooperation and investments in various spheres in Egypt.

The Egyptian prime minister said that the development march of Egypt’s infrastructure has not ended yet, but a new phase that includes several investment opportunities in mega and major projects has started, affirming that the state seeks to upgrade and promote all services to cope with the international standards.

Ismail voiced Egypt’s keenness to continue its partnership with its foreign partners on the principles of transparency and mutual interest.

The meeting also took up progress of work at energy projects currently being implemented by Siemens AG in Egypt, along with proposals to establish new projects in the field of renewable and clean energy. Siemens AG expressed readiness to implement new projects in the wind power generation field.

The prime minister made several proposals for cooperation in railways sector that included establishing rail lines for electric trains to link between several areas nationwide.

Both sides discussed the possibility of buying new tractors as part of Egypt’s efforts to upgrade the current railway network.

For his side, Kaiser pointed out that his company will ink a memorandum of understanding with the universities of Cairo, Ain Shams and Alexandria worth 120 million dollars in the field of technical training.