Egyptian amb. says German investors could tap African markets through Egypt

BERLIN, Aug 7 (MENA) - Egyptian Ambassador in Berlin Badr Abdel Aati stressed the importance of Egypt's geographic location as a gate to Africa and Europe.

This is an asset that German companies operating in Egypt could use to tap major African markets, Abdel Aati said in a meeting to promote investment in the Arab country.

In addition to this, an African free trade agreement has recently gone into effect, the diplomat said, believing this is yet another asset.

Egypt, Abdel Aati added, is keen on increasing the volume of German investments, especially in the fields of textile, oil, furniture and the digital industry.

He posted attendees on positive developments in Egypt, particularly where the economic performance is concerned.

Growth rate increased to 5.6 percent, while inflation and unemployment went down, Abdel Aati explained.

He added that foreign currency reserves hit a record high, thanks to a successful economic reform program.

The diplomat also touched upon efforts to improve the investment climate through issuing a number of laws, atop of which the new investment law and the bankruptcy law.

A one-stop-shop system has been applied with the aim to ease measures and encourage business, he noted.