Altmaier says Germany keen to boost investment in Egypt

CAIRO – 20 November 2019: Germany's Economy Minister Peter Altmaier on Wednesday expressed his country’s appreciation to the bilateral relations with Egypt in the economic field, and voiced readiness for further bilateral cooperation, the Egyptian Presidency said in a statement.

Egypt’s Minister of Investment Sahr Nasr and her German counterpart, Gerd Müller, signed €300 billion agreements on Tuesday, on the sidelines of the G20 Compact with Africa (CwA) in Berlin.

Altmaier’s remarks came in a meeting with Egypt’s President Abdel Fattah El-Sisi, who has been in an official visit to Berlin, to attend the CwA.

The German minister praised Egypt’s special stance and significant role in the region, which contribute to achieving stability and progress in the region. He voiced Germany’s commitment to continue its partnership with Egypt.

Altmaier stressed his country's keenness to boost cooperation and joint projects between the two countries, and pumping further investments in Egypt.

President Sisi, for his part, hailed the special level of relations between Egypt and Germany in various fields, which allows further bilateral cooperation especially in the economic aspect.

He also praised the joint economic committee for its important role in increasing cooperation opportunities between the two countries in the economic field and investments. He expressed aspiration to attract further German investments to the African country.

The meeting reviewed aspects of joint cooperation between the two countries, in light of the continuous growth of Egyptian-German trade and economic relations, noting that Egypt is Germany's third largest trading partner in the Middle East.

It also dealt with the huge positive developments witnessed by the Egyptian energy sector, and the efforts to transform Egypt into a regional center for the circulation and transference of energy. This opens the door for further cooperation between Egypt and Germany in various fields including renewable energy.

Sisi, earlier on Wednesday, met with German Chancellor Angela Merkel in Berlin, during which Merkel praised the two countries' relations and cooperation, describing it as “unprecedented,” presidential spokesman Bassam Radi said.

"Egypt is one of Germany’s main partners in the Middle East as it plays a key role in maintaining stability and security in the region," Merkel said.

For his part, Sisi praised the qualitative leap witnessed by the bilateral relations between Egypt and Germany in all fields.