CAIRO – 4 February 2019: Trade exchange between Egypt and Germany hit $4.7 billion during 2018, according to Minister of Trade and Industry Amr Nassar.
Nassar elaborated that Egypt’s exports to Germany hiked 11.2 percent, to reach $663 million which contributed to fix the gap of the trade balance between both countries.
This came during the minister’s inauguration of Egypt-Germany business forum with German Federal Minister for Economic Affairs and Energy Peter Altmaier.
In 2017, Trade exchange between Egypt and Germany rose 5 percent, reaching €5.81 billion, compared to €5.57 billion in 2016, Nassar said earlier, with total Egyptian investments in Germany recording $35.5 million in the fields of finance, medicine, furniture, appliances, medical supplies, tourism and trade.
CAIRO - 21 June 2018: Trade Exchange between Egypt and Germany rose 5 percent in 2017, reaching €5.81 billion, compared to €5.57 billion in 2016, according to Minister of Industry and Foreign Trade Amr Nassar. The minister clarified that the current German investments in Egypt amount to $641 million through 1080 projects in the fields of industry, services, agriculture, construction, communications, information technology and finance.
During the inauguration, the minister called on the German business community to invest in the textile city in Sadat city, where Egypt plans to establish the biggest city for manufacturing textile and clothes in the country. The city will be established on an area of 3.1 million square meters, with a capacity of 592 factories.
He further encouraged them to invest in the Suez Canal Economic Zone through establishing mutual projects with value-added to both parties, stressing the ministry's keenness to provide German companies with all the support to facilitate their investments in Egypt.
German investments recorded around $641 million until the end of September, the minister noted, clarifying that this figure is not appropriate for the available investment opportunities and the capabilities of the German companies.
“Egypt is keen to benefit from the advanced German technology and expertise in the fields of industry, automation, and digital transformation, which will contribute to the development of the Egyptian industry and increase its competitiveness,” Nassar said.
He referred to the formation of a joint technical team to work on executing the memorandum of understanding signed by Siemens Company in October in Berlin.
Nassar pointed out the possibility of cooperation between the Egyptian and German sides in the field of exhibitions and conferences, where it was coordinated with the Dusseldorf Exhibition Authority to organize the Pack Process Middle East exhibition in Cairo during December.
The minister said that the Egyptian version of Interpack exhibition in Germany will target the African market. The exhibition was announced during the Africa Summit held in Sharm El-Sheikh last December.
“The Frankfurt Exhibition Authority also studied the possibility of organizing an Egyptian edition of the Heimtextil exhibition for home furnishings,” he stated.
For his part, Altmaier reflected his country’s keenness on boosting the economic relationship with Egypt during the coming period, emphasizing the importance of the cooperation between both governments regarding various regional and international issues.
He highlighted the big opportunities for cooperation between both countries, especially in the fields of education, technology, small and medium enterprises, energy and constructions.
The German minister affirmed he trusts the Egyptian government’s efforts to remove obstacles and challenges that face the German companies operating in Egypt, which will contribute to enhancing the economic and trade partnership.
On Sunday, Altmaier announced that German investments in Egypt hit $7.1 billion by 1215 companies doing businesses in the country.
The German companies are investing in sectors such as petroleum, chemicals, vehicle manufacturing, communication, steel, and others.
President Abdel Fatah al-Sisi received a German delegation, including representatives of the biggest German companies and a number of bundestag “German Parliament” members.
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